On 7th January 2026 Thames Water announced that the seventh set of consent requests launched on 19 December 2025 had been approved by its creditors – including the drawdown in January 2026 of the remaining £233.5 million undeferred portion of its initial £1.5 billion facility.

On 12th February  TWUL launched a process to allocate £823 million of the additional £1.5 billion Accordion facility

TWUL and the Super Senior Issuer have now secured commitments of £823 million made up of the first £750 million tranche of the Accordion plus a shortfall amount of c. £73 million (equal to the undrawn amount under the first tranche of £1.5 billion), bringing the total amount which is available and undeferred under the facility to £2.25 billion.

As previously announced, funding of the new commitments remains subject to the satisfaction and/or waiver of the Accordion Conditions), some of which, as at yesterday, have not yet been satisfied and/or waived in full and remain out of the Super Senior Issuer’s control.

Yesterday TWUL and the Super Senior Issuer launched parallel consent and waiver requests to enable the drawdown of funds (the Eighth Consent Requests and STID Proposal) and provide more flexibility in respect of future Accordion funding requests which are tailored to the Company's operational needs. These include:

The Eighth Consent Requests and STID Proposal have a voting date of 16 March 2026 and follow seven previous sets of consent requests which were approved by creditors. Voting may close earlier if the requisite majority of creditors vote in favour of the Eighth Consent Requests and STID Proposal before the voting date.

Launching the Eighth Consent Requests, Thames Water said it continues to work closely with stakeholders to secure a market-led solution.