Drax Group PLC

Capital/Financing Update • Apr 19, 2024

National Storage Mechanism | Additional information

RNS Number : 3414L

Drax Group PLC

19 April 2024

19 April 2024

DRAX GROUP PLC

(LSE: DRX)

Drax Group plc has made the below announcement on the Luxembourg Stock Exchange in respect of Drax Finco plc's $500,000,000 6 ⅝%Senior Secured Notes due 2025

S enior S ecured Fixed Rate Notes due 2025

ISIN Numbers: US26151AAA79* (Rule 144A 1 ) and USG28296AE42* (Regulation S 2 ) Common Codes: 181143550* (Ru le 1 44A 1 ) and 181143584* ( Regulation S 2 )

On 19 April 2024, Drax Group plc's ("Drax") indirect wholly owned subsidiary, Drax Fin co plc (the "Company "), a pub l ic l imi ted c ompany incorporated un der the laws of Eng land and W a les, gave no t i ce that, in accordance w ith Sec t ions 3.03 and 13.01 of the i ndentu re dated as of 26 April 2018 (as he retofore ame nded,  supplem ented or  othe rwi se  mod ified,   the   "Indenture") am ong  the Compan y, B NY Mel l on Co rpo rate Trus tee Serv i ces L imited, as trustee (the "Trustee"), The Bank of New York Me l lon, acting through its Lond on B ran ch, as pay i ng age nt (the " Pay i ng Agent") and cal cul ati on agent, The B ank of New York Me l lon SA /NV, ac t ing through its Lu xembourg B ran ch, as regi strar and tran sfer agent, and Deutsche B ank A G, London B ran ch, acting through its Lond on B ran ch, as security agent, the Company has elected to redeem (sub ject to sat i sfaction or wai ver of the condi t i on de scr ibed be low) ( the "Redempt ion") all of its outstandi ng $500,000,0 00 Sen ior Secured Fi x ed Rate Notes due 2025 (the "Fi xed Rate Notes ") on the Redempti on Date (as defined bel ow). The Rede mption P r i ce (as de f i ned bel ow) wi ll  be  pa id  to  ho lde rs of   record as  of  the   Record  Date. Cap ita li z ed terms used but not othe rwi se defined he r e in ha ve the mea n ings ascr ibed to such terms in the In den ture.

1.   The redempt i on date for the Fi xed Rate Notes sha ll be 2 May 2024 (the "Redemp t ion

Date ").

2.    The redempt i on p r i ce pa y ment w i ll be made in accordance wi th paragraph 5 (O ption al Redemp t ion) of the Fi x ed Rate Note s. The redemption pri ce (the "Redem pti on P rice") will be equal to:

•   100.000% of the prin c ipal amount of the Fi xed Rate Notes to be r ede emed, plus

•   Additional  Amounts,  if  any,  and,  accrued  and  unpaid  interest  from  1

May 2024 to, but not including, the Redemption Date.

3.   The Fi x ed Rate Notes must be surr endered to the P a y ing Agent, to c o l lect the Redemp t ion P r i ce. Payment of the Redempt ion P r i ce w i ll be ma de on or after the Redempti on Date upon presentat i on and surrender of the Fi x ed Ra te Notes at the fol low ing address:

The Bank of New York Mel lon, Lon don B ran ch as Paying Age nt

O ne Cana da Square

London E 14 5 AL

4.    On the Redempt i on Date, the Redemp t ion P r i ce wi ll become due and pay able upon each Fi xed Rate Note. Un less the Co mpany de fau lts in ma k ing the redemp t ion pa y ment, interest on the Fi x ed Ra te Notes w i ll cea se to a ccrue on and after the Redem pti on Date and the only remaining right of Hol ders wi ll be to recei ve pa yment of the Rede mption P r i ce in respe ct of the redeemed amount.

5.   The redempt i on of the Fixed Ra te Notes is bei ng e ffected pursuant to paragraph 5 (Opti onal

Redemp t ion) of the Fi x ed Rate Notes and in a ccordan ce wi th A r t i c le Three of the Indenture.

6. If your Fixed Ra te Notes have been e ither lost or destroyed, p l ease n otify The B ank of New York Me l lon, as Pay ing A gent, promptl y. You wi ll then be instruc ted as to the steps you mu st take in o rder to rec e i ve payment.

The Pay ing A gent wi ll w ithhold un der the U.S. ba ckup withho lding r u les the stat uto r ily prescr ibed rate of any pa y ment that is made upon red emp t ion of a F i xed Rate Note unless the Hol der, when presen t ing the Fixed Rate Note s, de l i vers a properly compl eted IRS Form W -9 or an appl i c able IRS Form W-8, or the Hol der othe rwi se establ i shes an exemption from su ch backup w ithho lding.

* The se I SIN and Comm on Code numbers are includ ed sol e ly for the c onven ien ce of the ho lde rs.  Ne ither the Trustee, the Comp any nor the P a y ing Agent sha ll be respo n s ible for the selection or use of any I SIN or Common Code numbe r, nor is any rep res enta t ion made as to its correctne ss or accuracy on any Fixed Rate Note or as refe rred to in any rede mption noti ce.

1 Re f ers to Fi x ed Ra te N o t es i ss u ed pur s uant to Rule 144A under t he U . S. S e c ur i ties A ct of 1933, as amended.

2 Re f ers to Fi x ed Ra te N o t es i ss u ed pur s uant to Regulation S under t he U . S. S e c ur i ties A ct of 1933, as amended

E nquiries:

Drax In vestor Re lat ion s: Mark Strafford

mark.strafford@drax.com

• 44 (0) 7730 763 949

Media:

Drax External Communications: Andy Low

andrew.low@drax.com

• 44 (0) 7841 068 415

W ebsite: www .dra x . com

Cautionary S tatement

This relea se is for info r mation purposes only and does not c onstitute a prospe c tus or any offer to sell or the s o li c itat ion of an offer to buy any security in t he Uni ted States of Ame r i ca or in any other jurisdi cti on. Securit ies may not be o ffered or sold in t he Uni ted States of A merica absent reg i strat ion or an e x emp t i on f rom reg i stration under the Securit ies A ct.

This com mun i cation is di r e cted on ly at pe rsons who (i) ha ve p r ofess i onal expe r ience in matters relat ing to investments fa l ling w ith in A rti cle 19(5) of the Fi nan cial Serv i ces and Markets A ct 2 000 (Financial P r omo t ion) Order 2005 as amen ded (the "O rde r"), (ii) are pe rsons fa l l i ng wi thin A r t i c le

49 (2)(a) to (d) (" h igh net wo rth com pan ies, u n incorporated association s, etc.") of the Orde r, (i ii) are

persons who a re outside the Un ited K ingdo m, or (i v) are persons to whom an inv i tati on or inducem ent to enga ge in investment ac t i v ity (wi thin t he m ean ing of section 21 of the Financial Serv i ces and Ma rkets A ct 2000) in conn e ction w ith the i ssue or sale of any notes may othe rwi se lawful ly be communi cated or c aused to be communi c ated (all such persons tog ether being referred to as

"r elevant pe rson s").

A ny investment ac t i v ity to whi ch this c omm uni cat i on relates wi ll on ly be avai lab le to, and w i ll only be engaged in wi th, r e levant person s. Any pe rson who is not a relev ant pe rson s hou ld not act or re ly on this docum ent or any of its contents.

This anno uncem ent is not a p ubl ic offer ing in the Grand Du chy of Luxem bou rg or an of fer of secur ities to the p ubl ic under Regu lat ion (EU) 20 17/1129, and a ny amendm ents thereto.

Manufacturer target ma rket (MiFID II p r odu ct governan ce) is el i g ible counte r parti es and p r ofess i onal c lients on ly (all d i stributi on chann e l s). No PRII Ps key info rmati on docum ent (KID) has been prepared as the Notes are not a v a il able to retail investors in the European E c ono m ic A r ea.

For ward Looking S tatements

This relea se inc l udes forwa r d - loo king statements w ith in the mean ing of the securities laws of certain ap p li cab le jur i sdi ction s. These forward- loo k ing s tate ments can be identi f i ed by the u se of fo rwar d- loo king termino log y, including, but not li m ited to, terms such as "aim", "an t i c i pate ", "assume", "bel ieve", "con t inue", "cou l d ", "estima te", "expe ct", "for e cast", "gui dan ce", "inte nd", "ma y", "outloo k",

" plan ", "predi ct", "project", "should", "wi ll" or " wou ld" or, in ea ch case, the ir nega t i ve, or other variations

or compa rab le termi nolog y. These forward - l ook i ng statements inc lude, but are not l imi ted to, a ll statem ents other than statements of h i stori c al fa cts and inc lude stat ements regardi ng Drax 's intention s, bel iefs or curr ent e xpe ctat i ons con cerning, among o ther thi ngs, Drax 's future f i nan cial condi t i ons and pe r formance, results of ope rat ions and l iqu idity, strateg y, pl ans, objecti ves, p rospe c t s, growth, go a ls and targets, futu re develop ments in the ma rkets in wh i ch Drax parti c ipate or are

s ee k ing to parti cipa te, and anti c ipa ted regu lato ry cha nges in the i ndu stry in wh i ch Drax operate. By their nature, forward- l ook i ng stat ements inv o l ve kno wn a nd unk nown r i sks, uncertai nties and other factors be cau se they re late to events and d epe nd on ci rcum stan ces that may or may not occur in the future. Reade rs are c autioned that forward -loo k i ng statements are not gua r antees of future pe rformance and are bas ed on nu merous ass ump t ions. Gi ven these ri sks and uncertaint ies, readers should n ot rely on forward loo k i ng stat ements as a predi ction of a ctual res u lts.

E ND

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