Thames Water is stepping back from the brink, a little bit. The UK government has been considering options to place the indebted utility into administration, if it can’t raise funding. Shareholders, led by Canada’s Ontario Municipal Employees Retirement System, have now agreed to pony up 750 million pounds. They’ve also acknowledged even more will be allowed over the next regulatory review period between 2025 and 2030.
750 million pounds. They’ve also acknowledged even more will be allowed over the next regulatory review period between 2025 and 2030.
That, plus a reported decline in Thames’ debt levels to 77% of regulatory capital value, a valuation metric used in water companies, makes the prospect of an immediate administration less likely. Still, in the year to March the group missed targets to cut leakage by 25%, saw pollution incidents rise, and ranked last among peers for customer satisfaction.
Bonds issued by Thames’ holding company, Kemble, rose as much as 10 percentage points following the news. That reflects a lower likelihood the group will have to sever dividends, which are needed to service the bonds. But they are still trading at 66% of face value, and yield around 20%, according to Refinitiv. That depressed price suggests there’s a long way to go before Thames is on dry land.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Thames Water Gets Further GBP750 Mln of Equity Funding from ShareholdersBy Ian Walker Thames Water said Monday that shareholders have agreed to a further 750 million pounds ($962.8 million) of equity funding over the period...
Leer más »
Thames Water secures $962 million from investors but says it will need more | CNN BusinessInvestors in Thames Water have agreed to put an extra £750 million ($962 million) of equity funding into the troubled utility to hold off a temporary takeover by the government.
Leer más »
Thames Water pulled back from the brink after investors pump in $960 mlnThames Water said its investors had agreed to inject 750 million pounds ($960 million) into the company, helping to stave off the threat of nationalisation, but Britain's biggest water utility warned it would need further investment in the years ahead.
Leer más »
Water sommeliers treat H20 like a fine wine at annual Fine Water SummitDoes water have a distinct taste? The answer is a resounding yes – that is, if you ask water sommelier Martin Riese.
Leer más »
Residents near downtown area experiencing low water pressure due to water main breakResidents near Houston’s northside are experiencing low water pressure due to a water main break along the intersection of Houston Avenue and Spring Streets.
Leer más »
Breakingviews - How to crack the climate free rider problemWhy are the world’s governments fiddling while the planet burns? Can’t the United States’ politicians smell the smoke from wildfires in Canada? Can’t Chinese leaders feel the scorching heat in Beijing? Don’t Europe’s prime ministers and presidents see that parts of the Rhine risk being unnavigable in the coming weeks as water levels fall perilously low?
Leer más »