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Drax marketing €250 million five-year secured notes; talk 3% area
By Paul A. Harris
Portland, Ore., Oct. 21 – Drax Group plc plans to price a €250 million offering of five-year senior secured notes (expected ratings BB+/BB+), according to market sources.
Initial talk is in the 3% area.
Deutsche Bank AG, London Branch is the stabilization manager.
The Regulation S-only notes come with two years of call protection.
The Drax, England-based electrical power generator intends to use the proceeds for general corporate purposes, including debt repayment.
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