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Drax Finco realizes tenders of 106.18 million of 2 5/8% notes due 2025
By Mary-Katherine Stinson
Lexington, Ky., April 25 Drax Finco plc announced the results of its April 16 tender offer for its 250 million of 2 5/8% senior secured notes due 2025 (ISIN: XS2247614063), according to a notice.
The company received tenders of 106.18 million in principal of the notes, which has been designated as the final acceptance amount. The maximum acceptance amount was previously set at 250 million.
As previously reported, Drax will purchase the tendered notes at 97.875 plus 7,742.33 in accrued interest from Nov. 1 to the settlement date.
The offer expired at 11 a.m. ET on April 24.
Instructions were irrevocable.
Settlement is planned for May 2.
The tender offer was subject to a new financing condition. Drax separately announced on Thursday that it priced an upsized 350 million of 5 7/8% five-year senior secured notes.
Noteholders who participated in the tender offer may have been given priority allocation in the new notes offering.
The purpose of the tender offer was to extend the groups maturity profile and reduce refinancing risk.
NatWest Markets plc is the 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).
Following cancellation of the tendered notes, the offeror will have purchased and canceled 42.47% of the aggregate principal amount of the original issue.
The aggregate principal amount of the notes remaining outstanding will amount to 143.82 million.
As previously reported, the group stated it does not intend to exercise the call option on the existing notes ahead of maturity.
Drax is a U.K.-based power generation company.
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