Business
New sustainability-linked £450m RCF
New sustainability-linked £450m RCF.
About this update from Drax Group Plc
[{"type":"text","content":"\n\n20 August 2024\nDrax Group plc\n(\"Drax\"; Symbol: DRX)\n \nNew sustainability-linked £450 million revolving credit facility\n \nDrax is pleased to announce that it has completed the refinancing of its revolving credit facility (RCF) (\"The Facility\").\n \nThe 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.\n \nThe 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.\n \nSeparately, 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.\n \nNotes\n(1) The facility includes two one-year extension options which are subject to lender consent.\n(2) Subject to lender consent.\n \nEnquiries:\nDrax Investor Relations: Mark Strafford\n+44 (0) 7730 763 949\n \nMedia:\nDrax External Communications: Ali Lewis\n+44 (0) 0771 267 0888\n \nWebsite: www.drax.com\n \nEND\n \n\n","length":2841,"tagName":"div"}]