Slaughter and May advised Drax on the issue of US$300 million senior secured notes

Slaughter and May advised Drax Group plc (“Drax”) on the offering by its indirect wholly-owned subsidiary, Drax Finco plc, of US$300 million 6.625% senior secured notes due 2025.

The net proceeds from the offering of the notes were used to redeem in full Drax Finco plc’s £200 million senior secured floating rate notes due 2022, issued as part of Drax’s refinancing in 2017, on which Slaughter and May also advised. The notes are governed by New York law and are listed on the Euro MTF Market of the Luxembourg Stock Exchange.

Slaughter and May worked on the offering as an integrated team with Cravath, Swaine & Moore LLP acting as U.S. counsel.