Investor Presentaiton
Tideway Financing Programme
•
•
Corporate and transaction structure diagram
Obligor Security
Trustee
Discontinuation
Fixed security over shares in Holdco
Creditor
GSP
Documents
JVCo
Typical WBS structure
Creditors will have security
over all the assets of the
Holdco Group subject to
usual regulatory restrictions
Flexible, multi-currency
platform at FinCo (Issuer)
level
Secretary of
State/MDF
Provider/
•
CESA
Discontinuation
Agreement
MDF
SCA
•
SDA
SAOA
Placements can be raised at
•
Bank debt and Private
Company level
£1bn RCF in place with 6
relationship banks
£0.7bn EIB term loan
•
All debt will be senior and
rank Pari Passu
Hedging
Liquidity
Facility
Initial RCF
Initial Revolving Credit
Facility Agreement
Facility
Providers
EIB Finance
Contract
Holdco
Fixed security over shares and a
"qualifying floating charge"
(Holdco) plus limited security
interests from the Company and
TTT.Co
Full security package
Issuer Security Trustee
Issuer/Borrower Loan Agreements
Company
Issuer.
Bonds
Liquidity
Facility
Hedging
TTT.Co
Secured group ringfence
Tideway's structure is very similar to other UK regulated utility securitisations
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