Slaughter and May advised Drax Group plc and its subsidiaries (the Drax Group) on the refinancing of an existing £400 million revolving credit facility and amendments to an existing £100 million amortising term loan facility with the Prudential/M&G UK Companies Financing Fund, a £30,000,000 floating rate note purchase agreement and £70,000,000 index-linked note purchase agreement with various M&G counterparties, a £100 million amortising term loan facility with the UK Green Investment Bank and guarantee and reimbursement arrangements with Infrastructure UK (the Financing Documents).

Slaughter and May also advised on the restructuring of the Drax Group, which occurred simultaneously with the amendment and restatement of the Financing Documents. The reorganisation consisted of the introduction of a new holding company for the Drax Group, the assimilation of two entities into the part of the Drax Group relevant to the Financing Documents and the accession of these entities into the Drax Group's existing security package.

CONTACTS:

Financing: Guy O'Keefe (partner), Caroline Phillips (partner), Jamie Macpherson (associate), Hiba Siddique (associate), Steve Dempsey (associate), Katie Davighi (trainee), Sarah Gallagher (trainee), Rebecca Rigg (trainee), Chris Smith (trainee), Kieran Turton (trainee); Tax: Mike Ringer (associate)