Drax Group PLC Refinancing of Pinnacle Debt (9930E)
13 Julio 2021 - 1:00AM
UK Regulatory
TIDMDRX
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.
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July 13, 2021 02:00 ET (06:00 GMT)
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