Firms set to cash in as Drax begins refinancing and IPO

Harris, Joanne
July 2005
Lawyer;7/4/2005, Vol. 19 Issue 26, p10
Trade Publication
The article reports that Drax Corp. is set to restart a programme of refinancing that will culminate in an initial public offering (IPO) later this year. Drax was forced to restructure 1.3bn pound of debt in 2002 and 2003 in a complex process, which was made more difficult when U.S. parent AES withdrew from the transaction in spring 2003. Norton Rose stepped in to complete the deal, replacing AES counsel Slaughter & May. The transaction included the listing of debt in Luxembourg and the Channel Islands. Norton Rose corporate finance partner Laurence Levy is leading the work for Drax.


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