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Drax Delivers

01 December 1999

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The $3 billion Drax power station buyout from National Power ? the UK's biggest power financing of its kind ? is breaking new levels of deal complexity and size.
Lead arrangers Chase Manhattan, Deutsche Bank and Industrial Bank of Japan have closed the underwriting phase of the £1.3 billion ($2 billion) credit facility for InPower, a UK subsidiary of AES Corp, that bought out special purpose company National Power Drax Limited earlier in the year.
The deal signed on November 30. General syndication will be launched on Friday December 17 and the deal is expected to close in the first quarter of 2000.
Eight banks signed up as co-arrangers: Abbey National, Bank of Scotland, Bank of Tokyo-Mitsubishi, Bankgesellschaft Berlin, Fortis Bank, MeesPierson, HSBC, National Australia Bank and Rabobank.

The deal also received early commitments from 11 banks ? Bank of Montreal, Banque Nationale de Paris, Bayerische Hypo-und Vereinsbank, Bayerische Landesbank, Commerzbank, DG...

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