Thames Water rival bondholders face off in court hearing

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Financial Times 12h ago

Thames Water rival bondholders face off in court hearing - Financial Times

Quick Summary:

As well drawing the ire of junior bondholders, the class A loan proposal has also attracted criticism from campaigners, academics and experts, who have hit out at the loan’s high 9.75 interest rate and other charges that could cost the utility as much as £800mn over 2.5 years.

The loan proposal has led to an increasingly acrid spat between the company and its lower-ranking bondholders, which claim that the utility has not properly considered their rival offer of an equivalent £3bn loan at cheaper cost and more advantageous terms.

Thames Water’s barrister told the court on Tuesday that the proposed loan was “not itself a comprehensive solution to Thames Water’s financial difficulties”.