Thames Water - comment

Thames Water is raising an accordion tranche alongside its existing £2.5bn second super sr. debt. Andy Burnam can't be reached, and the process will need more runway if it isn't meant to pressure him to make the utility an example of his new rigour. The value comes out of the bonds, but the incremental raise is only the manifestation of the disappointment creditors have had all along H126 in getting their deal over the line.