Drax Holdings to issue notes in sterling only following restructuring

Chicago, Oct. 28 - Drax Holdings said all loans and notes that it expects to issue following its restructuring will be denominated in sterling and all interest will be payable in sterling.

As previously reported, Drax has been exploring the possibility of issuing some dollar-denominated debt following the proposed restructuring of its secured debt.

But having examined the costs of currency hedging, Drax said in a filing with the Securities and Exchange Commission that it does not believe that it would be possible to secure such hedging on terms that would be acceptable to it and to the various categories of secured creditors.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.