AI Terminal
Drax Group PLC
Capital/Financing Update • Jul 13, 2021
4844_rns_2021-07-13_157b3f79-86ad-4626-8f8f-eba6976659d8.html
Capital/Financing Update
Open in ViewerOpens in native device viewer
National Storage Mechanism | Additional information 
RNS Number : 9930E
Drax Group PLC
13 July 2021
13 July 2021
Drax Group plc
("Drax", the "Group" or the "Company"; Symbol: DRX)
Refinancing of Pinnacle Debt with Lower Cost ESG Facility
Drax is pleased to announce that it has completed the refinancing of the Canadian dollar facilities it acquired as part of the Group's acquisition of Pinnacle Renewable Energy Inc. (Pinnacle) in April 2021.
The new C$300 million term facility ("the Facility") matures in 2024, with an option to extend by two years(1), and has a customary margin grid referenced over CDOR(2).
The Facility reduces further the Group's all-in cost of debt to below 3.5% and includes an embedded ESG component which adjusts the margin payable based on Drax's carbon intensity measured against an annual benchmark.
The Facility, along with surplus cash, replaces Pinnacle's approximately C$435 million facilities which had a cost of over 5.5%.
Enquiries:
Drax Investor Relations: Mark Strafford
+44 (0) 7730 763 949
Media:
Drax External Communications: Selina Williams
+44 (0) 7912 230 393
Website: www.drax.com
END
Note
(1) Subject to lender consent.
(2) Canadian Dollar Offered Rate.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
MSCDKBBPFBKDPOD