Ofwat’s final determination provides for price hikes of 35% over the next five years - before inflation, very much in line with the recent talk of town. On anyone's math
Read MoreThe company now also has struck an agreement with its swap counterparties to back the restructuring for up-front fees and an additional 1% premium. We are
Read MoreAfter everything that has been discussed and released in recent months, we find little new information in the September accounts that were released
Read MoreWe were discussing on the desk yesterday how one would actually prevent Thames Water from directly or indirectly paying fines with the
Read MoreWe like how the Covalis bid could work with lower price hikes “so long as concessions could be reached on fines and the pace of capital investment in
Read MoreWe are inclined to dismiss the Castle Water offer, despite the large headline tag of £4bn. We don’t have any details beyond what is in the press, but
Read MoreThe fact that the company continues to drive their agreement under the Class A Proposal is a slight setback to the Class Bs, all the more since the
Read MoreThe Class B proposal was submitted to the company last week after finally obtaining commitments from funds within the group. The key difference from the
Read MoreWhile on TW groups are emerging and positioning themselves with or without proposals, Southern Water are only one notch above junk now at
Read MoreThe alternative Class B is now out and we are preparing a scenario in which both sides have a blocking minority in the As and may have to achieve a
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Proposals are chasing each other as the As and Bs are squaring up ahead of a December process. This morning, Thames Water announced a proposed
Read MoreThe Labour government plans to appoint an independent commission to review the position and functioning of Ofwat who allowed the regulated debt to
Read MoreThe Class B Holders seem to be fighting back from what would appear a potential restructuring of the Thames Water debt stack where the
Read MoreThe company has managed to roll over a £410 million revolving credit facility that was due yesterday. We believe that it is in the
Read MoreAs the pre-marketing process for the rights issue continues to gather steam, the first ports of call for the company and its advisors at Rothschild & Co. appear to be
Read MoreThe downgrade is a mere reaction to the company’s approval request and therefore admission of tight liquidity, but it could trigger further sales of
Read MoreWhile the company's attempt to raise new money through a £3.3 billion right’s issue appears to be more process than prospect, its
Read MoreWe see the request from Thames Water to release £380 million of cash reserves as an opportunity for creditors (especially public market creditors) to get
Read MoreThe government is pondering legislation called the Water (Special Measures) Bill where the potential cost of a bailout (£10 billion) is going to
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