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.
Diese Geschichte stammt aus der October 26, 2024-Ausgabe von The Guardian.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der October 26, 2024-Ausgabe von The Guardian.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Billing problems
\"They're just making it so difficult to pay the bill\"
TV review A charming yet brutal snapshot of small-town frustrations
A charming yet brutal snapshot of small-town frustrations
Wallowing in despair? Try 'lemonading' to boost resilience and put the fizz back in life
If foreign politics, environmental collapse and the impending takeover of the world by machines are leaving you glum, psychologists have identified a strategy that could help bolster your resilience: \"lemonading\".
Power grab Courts stage historic pushback against Trump orders
JD Vance revealed his contempt for legal constraints years before he became vice-president and openly advocated defiance of the courts over the Trump administration's blitz through the federal bureaucracy and constitution.
Chemicals, cars and football But has Ratcliffe's Ineos got the formula wrong this time?
Sir Jim Ratcliffe, the billionaire chemicals magnate behind Manchester United, is a man who likes a beer. He considers this important enough to include in the eccentric mission statement pictogram he devised to \"capture how Ineos works, and why\".
Operation Mincemeat has shredded my heart and deserves Broadway debut
Career death via \"offensive WhatsApp group\" is a modern iteration of a long-standing tradition of public figures being felled by loose talk.
Tokyo to release stockpiles of rice as prices rise by 50%
Japan is to flood the market with almost a quarter of a million tonnes of stockpiled rice in an unprecedented attempt to stop soaring prices caused by record summer heat, panic buying and distribution problems.
'A bummer' Netflix on Emilia Pérez controversy
A senior executive at Netflix has responded for the first time to the controversy that has hobbled the chances of its key Oscars contender, Emilia Pérez.
Who's who Crucial players steering the party machine
Reform UK, led by Nigel Farage, is being driven by a close-knit group of rightwing advisers.
Energy Suppliers Pay Out £20m Over Billing Mistakes
New analysis reveals a huge rise in complaints, especially at British Gas, putting stress on consumers. Frederick O'Brien reports
