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Drax secures £300m of liquidity in new revolving credit facility
StockMarketWire.com
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Energy company Drax has completed the refinancing of its revolving credit facility, securing £300 million of liquidity.
Its previous facility was due to mature in 2021, Drax said. The new facility provided increased liquidity and can be drawn as cash.
The new facility also includes an environmental, social and governance (ESG) component, which adjusts the margin based on Drax's carbon intensity measured against an annual benchmark.
Meanwhile, the company has also agreed a change to its £35 million term-loan facility, maturing in 2022, in order to simplify its capital structure. This facility will now rank as senior, previously super senior, the company said.
At 1:19pm: (LON:DRX) Drax Group PLC share price was 0p at 322.4p
Story provided by StockMarketWire.com
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