DRAX GROUP Announces Senior Secured Fixed Rate Notes due 2025

Source: www.gulfoilandgas.com 4/19/2024, Location: Europe

On 19 April 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 that, in accordance with Sections 3.03 and 13.01 of the indenture dated as of 26 April 2018 (as heretofore amended, supplemented or otherwise modified, the "Indenture") among the Company, BNY Mellon Corporate Trustee Services Limited, as trustee (the "Trustee"), The Bank of New York Mellon, acting through its London Branch, as paying agent (the "Paying Agent") and calculation agent, The Bank of New York Mellon SA/NV, acting through its Luxembourg Branch, as registrar and transfer agent, and Deutsche Bank AG, London Branch, acting through its London Branch, as security agent, the Company has elected to redeem (subject to satisfaction or waiver of the condition described below) (the "Redemption") all of its outstanding $500,000,000 Senior Secured Fixed Rate Notes due 2025 (the "Fixed Rate Notes") on the Redemption Date (as defined below). The Redemption Price (as defined below) will be paid to holders of record as of the Record Date. Capitalized terms used but not otherwise defined herein have the meanings ascribed to such terms in the Indenture.

1. The redemption date for the Fixed Rate Notes shall be 2 May 2024 (the "Redemption Date").

2. The redemption price payment will be made in accordance with paragraph 5 (Optional Redemption) of the Fixed Rate Notes. The redemption price (the "Redemption Price") will be equal to:
• 100.000% of the principal amount of the Fixed Rate Notes to be redeemed, plus
• Additional Amounts, if any, and, accrued and unpaid interest from 1 May 2024 to, but not including, the Redemption Date.

3. The Fixed Rate Notes must be surrendered to the Paying Agent, to collect the Redemption Price. Payment of the Redemption Price will be made on or after the Redemption Date upon presentation and surrender of the Fixed Rate Notes at the following address:

The Bank of New York Mellon, London Branch as Paying Agent
One Canada Square
London E14 5AL

4. On the Redemption Date, the Redemption Price will become due and payable upon each Fixed Rate Note. Unless the Company defaults in making the redemption payment, interest on the Fixed Rate Notes will cease to accrue on and after the Redemption Date and the only remaining right of Holders will be to receive payment of the Redemption Price in respect of the redeemed amount.

5. The redemption of the Fixed Rate Notes is being effected pursuant to paragraph 5 (Optional Redemption) of the Fixed Rate Notes and in accordance with Article Three of the Indenture.

6. If your Fixed Rate Notes have been either lost or destroyed, please notify The Bank of New York Mellon, as Paying Agent, promptly. You will then be instructed as to the steps you must take in order to receive payment.

The Paying Agent will withhold under the U.S. backup withholding rules the statutorily prescribed rate of any payment that is made upon redemption of a Fixed Rate Note unless the Holder, when presenting the Fixed Rate Notes, delivers a properly completed IRS Form W-9 or an applicable IRS Form W-8, or the Holder otherwise establishes an exemption from such backup withholding.

*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.

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Reference is made to the Q1 2024 Presentation released 24 May 2024.

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