European High Yield Forum - Recent Topics

Thames Water

Slogger — Mon, 15 Apr 2024 16:41:30 +0000

Thames Water shareholders withdrew support following demands from UK regulator Ofwat to reduce the company's debt and make structural changes estimated to cost up to £8bn.

· Shareholders, including sovereign wealth funds, resisted Ofwat's demands, leading to a default by Thames Water's parent company.

· Ofwat's conditions, including reducing the gearing ratio, were seen as burdensome by investors, who felt blindsided.

· Thames Water now faces debt restructuring or potential renationalization amid public discontent over sewage pollution.

· Initial proposals by investors for bill increases and regulatory fines were rejected by Ofwat.

· Despite financial struggles, Thames Water has sufficient cash for 15 months but requires substantial investment for infrastructure improvements. The regulator's draft decision on business plans, including bill increases, is due in June, with a final decision at year-end.

Maybe tomorrow is a new day so let's celebrate it

marhba marhba — Fri, 02 Jun 2023 15:37:10 +0000

Maybe tomorrow is a new day so let's celebrate removed link " href=" removed link " target="_blank" rel="noopener">it

How are High Yield Bond Covenants unique or different to other lending covenants, leveraged loans or bank facilities?

Slogger — Wed, 08 Mar 2023 09:59:47 +0000

How are High Yield Bond Covenants unique or different to other lending covenants, leveraged loans or bank facilities?