17th May 2019 08:38
LONDON (Alliance News) - Drax Group PLC said Friday its indirect wholly owned subsidiary, Drax Finco PLC, completed its US dollar denominated senior secured notes due 2025 offering for USD200 million.
The debt notes hold an interest rate of 6.625% per annum and were issued at 101.5% of nominal value.
The electrical power generation company said cross-currency swaps have been put in place for 2023, which means the notes will have an effective interest rate of 4.74% per annum.
The proceeds from the offer will be used to repay, in part, the outstanding amount drawn from the company's acquisition bank facility.
Drax said it continues to expect to refinance the remainder of the acquisition bank facility during 2019.
In January, Drax completed the acquisition of Scottish Power's portfolio of pumped storage, hydro and gas-fired generation assets from Spanish utility Iberdrola SA for GBP702 million.
Shares in Drax were down 0.9% Friday morning at 325.40 pence each.
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