Brand brand New Environmental, personal and Governance (ESG) Revolving Credit center (RCF)
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Drax is very happy to announce so it has finished the refinancing of their revolving credit center.
The brand new £300 million facility (“the Facility”) matures in 2025, with an alternative to give by 12 months (1) . The center replaces the current RCF which matures in 2021 and provides increased liquidity, allowing the total center become drawn as money (the last center limited cash attracted to support liquidity to £165 million). The Facility is currently undrawn for money.
The center includes a customary margin grid referenced over LIBOR, which reflects a little decrease in expense versus the existing RCF and includes an embedded ESG component which adjusts the margin according to Drax’s carbon strength calculated against a annual standard.
Drax in addition has agreed modification to your Group’s £35 million term-loan center, maturing in 2022, so that you can simplify its capital framework. This center will rank as senior now, formerly super senior.
Drawing of formerly agreed infrastructure facility
On 14 September 2020, Drax confirmed original site so it had agreed a brand new infrastructure term-loan agreement (the “Agreement”) that supplied committed facilities of around £160 million with a variety of maturities between 2024 and 2030 (2) . These facilities extended the Group’s readiness profile while also decreasing the price of financial obligation. Drax has now drawn £28 million (2) , using the stability become drawn by 2021 february.
The Agreement also included an alternative for an additional ВЈ75 million. Under this method Drax has agreed ВЈ53 million maturing in 2028, which is used December 2020.
Arises from Euro denominated bond utilisation and issue
On 4 November 2020, Drax issued €250 million of Euro denominated senior guaranteed notes which mature in 2025. The effective Sterling-equivalent rate of interest is 3.24% per year.
The arises from this issuance, along side existing money flows, are increasingly being used to redeem the Group’s £350 million 2022 Sterling bond and £125 million ESG term-loan facility.
The records increase the Group’s financial obligation readiness profile and lower the overall price of financial obligation to around 3.7%.
Summary of Group financial obligation framework at 19 2020 november
Enquiries:
Drax Investor Relations: Mark Strafford
Media:
Drax Exterior Communications: Selina Williams
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