The fresh funds are meant to act as a "liquidity bridge" to "stabilise the business" and give it time to secure long-term investment, its chief executive, Chris Weston, said yesterday. It will further balloon its operating company's debt pile, taking it to £17.9bn by March next year, Alastair Cochran, Thames's chief financial officer, said.
In a signal of shaky market confidence in the company, the new debt is expected to come with double the borrowing costs Thames had previously secured from markets. The company said the yield on its new debt of about 15% was in line with other transactions "of this nature".
Britain's biggest water company revealed yesterday that it was working on a plan with creditors to secure an initial £1.5bn of new money, enough to allow it to operate until October 2025.
A further £1.5bn would be made available, across two tranches of £750m, if Thames Water makes an appeal to the Competition and Markets Authority (CMA) over the industry regulator Ofwat's final decision on how much water companies can increase bills over five years.
Denne historien er fra October 26, 2024-utgaven av The Guardian.
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Denne historien er fra October 26, 2024-utgaven av The Guardian.
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Debt, IT woes and no chief executive What returning Asda boss has in store
Allan Leighton faces a back-to-thefuture challenge as he once again takes charge at struggling Asda.
Sweeney's RFU salary rises to £1.1m amid job cuts and losses
The Rugby Football Union chief executive, Bill Sweeney, was paid £1.1m for the 2023-24 financial year despite record losses and swingeing job cuts at the governing body.
'Probably more out than in' Salah leans towards exit with Liverpool yet to offer new deal
Mohamed Salah says he is disappointed Liverpool have not offered him a new contract and feels \"probably more out than in\" in terms of staying beyond the end of the season.
Reds' contract dance with Salah was always likely to be complex
Revamp after Jürgen Klopp's exit did not help and time is short for Liverpool to make their talisman feel wanted
Guardiola insists ageing squad is not behind City's alarming drop in form
Pep Guardiola has denied that a key factor in Manchester City's run of five consecutive defeats is that nine of his squad are aged 30 or older, with the manager pointing to how the same players were Premier League champions last season.
Wan-Bissaka seals West Ham win to take heat off Lopetegui
On a bitterly cold Tyneside night, West Ham finally remembered how to fight back.
Arteta seeks ruthless edge to fix away-day woes in Europe
Mikel Arteta has challenged his Arsenal team to fix their patchy European away form against a vibrant Sporting tonight, admitting they need to improve a record of one win in their past eight continental trips.
I've got my mojo back ... I actually felt unwell at the end at Chelsea'
After recharging her batteries in the US, Emma Hayes reflects on the grind of club coaching and fresh ambitions
Spurs blow as Vicario faces long spell out after surgery
Guglielmo Vicario has had surgery to repair an ankle fracture sustained in Tottenham's 4-0 Premier League win at Manchester City on Saturday.
Verstappen in 'that club' with Senna and Hamilton
Red Bull chief Horner claims his driver's fourth, and most challenging, world title puts him in same class as the greats
