UTILITIES: Drax (DRXLN NR/BB+/BBB-): Acquisition
Mar-25 07:20By: Donal Golden
Utilities
Minimal impact on Drax credit.
- Drax announced an agreement to acquire HEIT, subject to shareholder approval for ~£200mn.
- £200mn is around 0.2x turns of EBITDA. Net debt is trending lower. It should be able to fund the acquisition from FCF.
