Partial cancellation of senior secured notes

Drax Group PLC

02 May 2024

 

2 May 2024

DRAX GROUP PLC

(LSE: DRX)

Drax Finco plc, a wholly owned subsidiary of Drax Group plc, has made the below announcement on the Luxembourg Stock Exchange in respect of Drax Finco plc's €250,000,000 2.625% Senior Secured Notes due 2025

Notice of partial cancellation

€250,000,000 2.625% Senior Secured Notes due 2025 ("the Notes")

ISIN Number: XS2247614063* Common Code: 224761406*

On 2 May 2024, Drax Group plc's ("Drax") indirect wholly owned subsidiary, Drax Finco plc (the "Company"), a public limited company incorporated under the laws of England and Wales, gave notice, in accordance with Section 2.11 of the indenture dated 4 November 2020, that following the results of the tender offer announced on 25 April 2024, the Company has repurchased and cancelled €106,180,000 (42.47%) of the aggregate principal amount of the Notes. Following this cancellation, the remaining aggregate principal amount of the Notes outstanding of €143,820,000 will continue to be listed on the Luxembourg Stock Exchange.

*These ISIN and Common Code numbers are included solely for the convenience of the holders. Neither the Trustee, the Company nor the Paying Agent shall be responsible for the selection or use of any ISIN or Common Code number, nor is any representation made as to its correctness or accuracy on any Fixed Rate Note or as referred to in any redemption notice.

Enquiries:

Drax Investor Relations: Mark Strafford

[e-mail]

[phone]

Media:

Drax External Communications: Andy Low

[e-mail]

[phone]

Website: www.drax.com

Cautionary Statement

This release is for information purposes only and does not constitute a prospectus or any offer to sell or the solicitation of an offer to buy any security in the United States of America or in any other jurisdiction. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the Securities Act.

This communication is directed only at persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended (the "Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Order, (iii) are persons who are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any notes may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons").

Any investment activity to which this communication relates will only be available to, and will only be engaged in with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

This announcement is not a public offering in the Grand Duchy of Luxembourg or an offer of securities to the public under Regulation (EU) 2017/1129, and any amendments thereto.

Manufacturer target market (MiFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No PRIIPs key information document (KID) has been prepared as the Notes are not available to retail investors in the European Economic Area.

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