Drax Group £900 million refinancing

Overview:

• Drax Group has undertaken a refinancing through a £550 million senior secured notes issue and an amendment and restatement of existing senior facilities.
• The notes issue by Drax Finco, Drax's indirect owned subsidiary, is made up of a £350 million in 4.25% senior secured notes due 2022 and £200 million floating rate senior secured notes due 2022 issued on the Luxembourg Stock Exchange.
• The company also amended an existing £400 million credit facility, making £350 million available to Drax Corporate.

Katrin Kostadinova - Data analyst