Drax Finco begins tender offer for 2 5/8% secured notes due 2025

Chicago, April 16 – Drax Finco plc commenced a tender offer for its €250 million of 2 5/8% senior secured notes due 2025 (ISIN: XS2247614063), according to an announcement.

The company is offering 97.875 and interest to the settlement date.

The offer will expire at 11 a.m. ET on April 24.

Instructions are irrevocable.

Results will be announced on April 25.

Settlement is planned for May 2.

The tender offer is subject to a new financing condition. The maximum amount in the tender offer will be set based on the offering of new notes.

Tenders may be prorated.

Tendering noteholders may be given priority allocation in the new notes offering.

The purpose of the tender offer is to extend the group’s maturity profile and reduce refinancing risk.

The group does not intend to exercise the call option on the existing notes ahead of maturity.

NatWest Markets plc is the sole dealer manager (+44 20 7678 5222, NWMLiabilityManagement@natwestmarkets.com).

Kroll Issuer Services Ltd. is the tender agent (+44 20 7704 0880, drax@is.kroll.com, https://deals.is.kroll.com/drax).

Drax is a U.K.-based power generation company.

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