Thames asks for approval to draw £321m from its liquidity facility

(by Verity Mitchell)

Thames Water has launched a fifth set of consent requests from its super senior creditors.

It has so far drawn £872m of the initial £1.5bn available under the super senior liquidity facility. It now wishes to extend the June release condition to 28 November 2025, and to make other amendments to the facility, including changing the dates and amounts of scheduled drawdowns to reflect its liquidity needs.

These amendments will allow Thames to draw a further £321m during November. These requests have a voting date of 24 November 2025 and follow four previous sets of creditors’ approvals in April, May, July and September.

As the June release conditions remained unsatisfied, any further drawdowns of the remaining balance of the £1.5bn by Thames will be subject to more consents and conditions. Thames expects to make further drawdowns in the first quarter of 2026.

A statement said that Thames has not yet accessed a further £1.5bn under what it termed an “Accordion Facility”, as the initial £1.5bn has not yet been exhausted. This additional loan, if needed, could provide liquidity until at least the third quarter of 2026.