Thames Water class B bondholders submit £3bn financing offer - report
Embattled utility provider Thames Water's class B bondholders have reportedly tabled a fully underwritten offer to provide £3.0bn of new debt.
According to Sky News, Thames Water's class B bondholders submitted a proposal to the company last week which aims to beat a rival offer from its class A creditors.
The submission of the second group of bondholders' legally binding agreement will heat up the battle between a number of the world's largest pension and hedge funds, which all hope to play a pivotal role in just what the future has in store for the UK's biggest water company.
Thames Water has been fighting off the threat of insolvency and temporary nationalisation as it sought out some sort of compromise from industry watchdog Ofwat regarding its spending plans for the next five years as shareholders have already passed on plans to inject billions of pounds into the company, branding it as "uninvestable".
As a result of the tabling of the latest proposal, Thames Water was now under considerable pressure to reconsider public support for a more expensive deal with its class A bondholders.
Reporting by Iain Gilbert at Sharecast.com