views

DRAX FIRED UP FOR SHARE PLACING

DRAX, which owns west Europe’s biggest coal-fired power station, said yesterday it would launch a £100m share sale, as it looks to pay off debt and keep its credit rating. It will place up to 25.5m new ordinary shares – or 7.5 per cent of its share capital – to raise money. Last month, Drax’s senior secured debt was downgraded from BB to -BBB by ratings agency Standard & Poor (S&P).