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Prices & Quotes - UK Markets - Drax Group (DRX)

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Share Price:
Up 404.00p
Change Today:
9.00p
Market Cap:
1,607.48m
Sector:
Electricity

Drax refinances revolving credit facility

By Josh White

Date: Thursday 19 Nov 2020

LONDON (ShareCast) - (Sharecast News) - Drax has completed the refinancing of its revolving credit facility, it announced on Thursday, reporting that the new 300m matures in 2025, with an option to extend by one year.
The FTSE 250 company said the facility replaced the current one, which matures in 2021 and provided increased liquidity, enabling the full facility to be drawn as cash.

It said the facility was currently undrawn for cash.

The facility has a customary margin grid referenced over LIBOR, which reflects a small reduction in cost versus the current revolving credit facility, and included an embedded environment, social and governance (ESG) component, which would adjust the margin based on Drax's carbon intensity, measured against an annual benchmark.

Drax said it also agreed a change to the group's 35m term-loan facility, maturing in 2022, in order to simplify its capital structure.

This facility would now rank as senior, previously super senior.

"On 14 September, Drax confirmed that it had agreed a new infrastructure term-loan agreement that provided committed facilities of approximately 160m with a range of maturities between 2024 and 2030," the board said in its statement.

"These facilities extended the Group's maturity profile while also reducing the cost of debt. Drax has now drawn 28m, with the balance to be drawn by February 2021."

The agreement also included an option for a further 75m.

Under that option, Drax said it had agreed 53m maturing in 2028, which would be drawn in December.

Drax also said that on 4 November, it issued €250[m of euro-denominated senior secured notes which mature in 2025.

The effective sterling-equivalent interest rate was 3.24% per annum.

It said the proceeds from that issuance, along with existing cash flows, were being used to redeem its 350m 2022 sterling bond, and 125m ESG term-loan facility.

"The notes extend the group's debt maturity profile and reduce the overall cost of debt to approximately 3.7%."

At 0923 GMT, shares in Drax Group were up 0.84% at 334.8p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Drax Group Market Data

Currency UK Pounds
Price 404.00p
Change Today 9.00p
52 Week High 451.00p
52 Week Low 197.00p
Volume 1,812,070
Shares Issued 397.89m
Market Cap 1,607.48m
Beta 0.03

Performance Indicators

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What The Brokers Say

Strong Buy 7
Buy 0
Neutral 3
Sell 0
Strong Sell 0
Total 10
buy
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Drax Group Dividends

  Latest Previous
  Final Interim
Ex-Div 22-Apr-21 20-Aug-20
Paid 14-May-21 02-Oct-20
Amount 10.30p 6.80p

Trades for 07-May-2021

Time Volume / Share Price
16:45 275 @ 404.60p
16:45 275 @ 404.60p
16:35 281,209 @ 404.00p
16:29 27 @ 404.60p
16:29 24 @ 404.60p

Drax Group Key Personnel

Chair Philip Cox
CEO Will Gardiner
CFO Andy Skelton