HALISTER1: Renew 2017-1 - DBRS Presale Report

Renew 2017-1 - DBRS Presale Report

Alert: HALISTER1
Source: DBR (Dominion Bond Rating Service)

People
Charles Weilamann (DBRS Inc)
Lain Gutierrez (DBRS Inc)
Lain Javier Gutierrez (Dbrs Inc)
Maxim Berger (DBRS Inc)

Topics
Credit Analysis Research
Credit Research
Fixed Income Research
Investment Research
Reports

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UUID: 7947283

HALISTER1: Drax Upgraded to BB+ by S&PGR; Bond Refinancing to Cut Leverage

Drax Upgraded to BB+ by S&PGR; Bond Refinancing to Cut Leverage

(Bloomberg) -- U.K. electricity company upgraded by one level to BB+, after its proposed new financing structure would result in lower leverage than S&PGR previously expected, rating firm says in a note.
  • Drax plans to issue senior secured notes to refinance all existing debt, repay draw-down on GBP375m acquisition facility and to replace GBP400m RCF with a super senior facility: S&PGR
  • NOTE: April 18: Drax announced plans to sell GBP500m 5NC2 secured fixed, 5NC1 secured FRN, roadshow finishes tomorrow
  • NOTE: See Drax’s capital structure here

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
DRX LN (Drax Group PLC)

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UUID: 7947283