Drax sets roadshow for £500 million two-part offering of five-year secured notes

By Paul A. Harris

Portland, Ore., April 18 – Drax Group Co. plans to start a two-day roadshow on Wednesday for its £500 million two-part offering of five-year senior secured notes (expected ratings BB+/BB+), according to a market source.

The deal features £275 million minimum fixed-rate notes with two years of call protection and a to-be-determined amount of floating-rate notes with one year of call protection.

The roadshow wraps up on Thursday.

Joint bookrunner Barclays will bill and deliver for the Rule 144A and Regulation S for life offering. J.P. Morgan Securities is also a joint bookrunner. BofA Merrill Lynch and Lloyds are co-managers.

The Selby, England-based coal and biomass generator plans to use the proceeds to repay its bridge facility and refinance existing term debt.

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