Drax powers up £550m bond following Opus acquisition
Drax Group, the UK energy holding company, held a roadshow on Wednesday and Thursday for a £500m fixed and floating rate senior secured bond offering, following its acquisition of Opus Energy earlier this year, and further increased it to £550m on Friday.
The fixed rate five year non-call two tranche will be at least £275m. The floating rate notes are five year non-call one.
Price talk was released on Thursday at 4.25%-4.5% on the fixed rate notes and 400bp-425bp over Libor with a 0% Libor floor on the floating rate
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