Drax arranges $645M loan for biomass power station
November 2, 2012
By Bloomberg News
November 2, 2012, London, UK – Drax Group Plc hired Barclays Plc, Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc to arrange a new 400 million-pound ($645 million) credit line to help convert Western Europe’s largest coal-fired power station into one fueled by biomass.
According to Bloomberg News , the new loan will replace an existing 310 million-pound revolving credit, according to an emailed statement from RBS.
Drax raised 190 million pounds in a share placement last week after selling 9.99 percent of its existing share capital at 520 pence a share. The company plans to spend 650 million pounds to 700 million pounds converting the plant and is also seeking a 100 million-pound loan to cover costs, according to the statement.
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