KKR (KKR) will enter the phase 2 diligence stage of Thames Water Utilities' equity raise process after the utility company selected the investment firm as its "preferred partner" in recapitalizing, according to a Monday statement.
While talks over aspects of the deal are ongoing, Thames Water said KKR's proposal includes terms that indicate a "material impairment" in its class A debt.
The company aims to reach an agreement with KKR in Q2 and complete its recapitalization in the second half of the year but flagged that there is no guarantee that any transaction will be completed.
KKR did not immediately respond to MT Newswires' request for comment.
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