20 August 2024
Drax Group plc
("Drax"; Symbol: DRX)
New sustainability-linked £450 million revolving credit facility
Drax is pleased to announce that it has completed the refinancing of its revolving credit facility (RCF) ("The Facility").
The new sustainability-linked £450 million facility matures in 2027, with options to extend by two years(1). The Facility, which provides additional liquidity, replaces the current £300 million RCF which matures in 2026 and is undrawn for cash.
The Facility has a customary margin grid referenced over SONIA (Sterling Overnight Index Average) with adjustments linked to certain Scope 1, 2 and 3 carbon emissions which are based on the Group's 2030 SBTi targets.
Separately, Drax has also completed a £50 million term-loan facility which matures in 2028 with a one-year extension option(2). The term-loan has a customary margin referenced over SONIA and will be used for general corporate purposes.
Notes
(1) The facility includes two one-year extension options which are subject to lender consent.
(2) Subject to lender consent.
Enquiries:
Drax Investor Relations: Mark Strafford
+44 (0) 7730 763 949
Media:
Drax External Communications: Ali Lewis
+44 (0) 0771 267 0888
Website: www.drax.com
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