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Acquisition Bridge Facility Refinancing Completed

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RNS Number : 6030G
Drax Group PLC
24 July 2019
 

24 July 2019

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

 

FOR IMMEDIATE RELEASE

 

Drax Group plc

("Drax" or the "Company"; Symbol DRX)

 

Acquisition Bridge Facility Refinancing Completed

 

Drax is pleased to announce that it has completed the refinancing of its Acquisition Bridge Facility(1) and entered into two new senior debt facilities agreements; a £375 million  private placement agreement and a £125 million Environmental, Social and Governance (ESG) facility agreement.

 

Private placement

 

The £375 million private placement with infrastructure lenders comprises facilities with maturities between 2024 and 2029(2).

 

ESG Facility

 

The £125 million ESG facility matures in 2022. The facility includes a mechanism that adjusts the margin based on Drax's carbon emissions against an annual benchmark, recognising Drax's continued commitment to reducing its carbon emissions as part of its overall purpose of enabling a zero-carbon, lower cost energy future.

 

Together these facilities extend the Group's debt maturity profile beyond 2027 and reduce the Group's overall cost of debt to below 4 percent.

 

 

Enquiries:

Drax Investor Relations: Mark Strafford

+44 (0) 1757 612 491

 

Media:

Drax External Communications: Matt Willey

+44 (0) 1757 612285

 

Website: www.drax.com

 

 

Note

(1)  Drax Corporate Limited drew £550 million under an acquisition bridge facility on 2 January 2019 used to partially fund the acquisition of ScottishPower Generation Limited for initial net consideration of £687 million. £150 million of the acquisition bridge facility was repaid on 16 May 2019.

(2)  £122.5 million in 2024, £122.5 million in 2025, £80 million in 2026 and £50 million in 2029.

 


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