Investor Presentaiton
The Proposals
Affinity Water
The Proposals are set out in the 'STID Proposal' for consideration by Qualifying Class A Creditors
1
Incorporation of NewCo
•
A new financing company will be
established ("NewCo") - NewCo
will initially be incorporated outside
the Financing Group and then
shares transferred to AWL to bring
it into the Financing Group
NewCo will be a special purpose
vehicle incorporated in England &
Wales
NewCo will be the issuance
vehicle for the Financing Group
going forward
•
2
Substitution of Cayco
•
•
Creditors will be invited to
substitute Cayco as issuer or
borrower of debt with NewCo¹ via
a vote of Class A Creditors2,3
Associated assets (intragroup
loans) will be transferred to
NewCo with substitution of debt
Creditors will benefit from
equivalent guarantees and
security package in relation to
NewCo as they did in relation to
the existing Cayco
Once all debt and assets are
substituted / transferred to
NewCo, Cayco will be transferred
out of the Financing Group
3
Disposal of Cayco
•
Cayco will be transferred to a
group company outside the
Financing Group
Cayco will then be liquidated on a
solvent basis
The Financing Group will no
longer have offshore incorporated
entities
(1) Issuer substitution of Cayco for NewCo will satisfy all of the conditions precedent set out in the Bond Trust Deed to effect issuer substitution
(2) Note that no Class B Creditor vote is required to effect the Proposals.
(3) The substitution of Cayco with Newco as principal debtor under the Cayco bonds will be implemented in accordance with the provisions of the Bond
Trust Deed
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