Drax Upgraded to BB+ by S&PGR; Bond Refinancing to Cut Leverage
Alert: HALISTER1
Source: BFW (Bloomberg First Word)
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DRX LN (Drax Group PLC)
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UUID: 7947283
(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)
To de-activate this alert, click here
To modify this alert, click here
UUID: 7947283