TIDMDRX
RNS Number : 5816E
Drax Group PLC
06 November 2020
6 November 2020
DRAX GROUP PLC
(LSE: DRX)
Drax Group plc made the below announcement on the Luxembourg
Stock Exchange in respect of Drax Finco plc's GBP350,000,000 4(1)
/(4) % Senior Secured Notes due 2022
***************
Senior Secured Fixed Rate Notes due 2022
ISIN Numbers: XS1602280833* (Rule 144A(1) ) and XS1602280676*
(Regulation S(2) )
Common Codes: 160228083* (Rule 144A(1) ) and 160228067*
(Regulation S(2) )
On 6 November 2020, 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 and listed
on the Luxembourg Stock Exchange, gave notice that, in accordance
with Sections 3.03 and 13.01 of the indenture dated as of 5 May
2017 (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
GBP350,000,000 Senior Secured Fixed Rate Notes due 2022 (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 (as defined below). 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 19
November 2020 (the "Redemption Date"). The record date (the "Record
Date " ) shall be 18 November 2020.
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:
-- 101.0625% of the principal amount of the Fixed Rate Notes to be redeemed, plus
-- Additional Amounts, if any, and, accrued and unpaid interest
from 1 November 2020 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.
1 Refers to Fixed Rate Notes issued pursuant to Rule 144A under
the U.S. Securities Act of 1933, as amended.
2 Refers to Fixed Rate Notes issued pursuant to Regulation S
under the U.S. Securities Act of 1933, as amended.
Enquiries:
Drax Investor Relations: Mark Strafford
+44 (0) 7730 763 949
Media:
Drax Media: Ali Lewis
+44 (0) 7712 670 888
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 any territory
including 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.
Forward Looking Statements
This release includes forward-looking statements within the
meaning of the securities laws of certain applicable jurisdictions.
These forward-looking statements can be identified by the use of
forward-looking terminology, including, but not limited to, terms
such as "aim", "anticipate", "assume", "believe", "continue",
"could", "estimate", "expect", "forecast", "guidance", "intend",
"may", "outlook", "plan", "predict", "project", "should", "will" or
"would" or, in each case, their negative, or other variations or
comparable terminology. These forward-looking statements include,
but are not limited to, all statements other than statements of
historical facts and include statements regarding Drax's
intentions, beliefs or current expectations concerning, among other
things, Drax's future financial conditions and performance, results
of operations and liquidity, strategy, plans, objectives,
prospects, growth, goals and targets, future developments in the
markets in which Drax participate or are seeking to participate,
and anticipated regulatory changes in the industry in which Drax
operate. By their nature, forward-looking statements involve known
and unknown risks, uncertainties and other factors because they
relate to events and depend on circumstances that may or may not
occur in the future. Readers are cautioned that forward-looking
statements are not guarantees of future performance and are based
on numerous assumptions. Given these risks and uncertainties,
readers should not rely on forward looking statements as a
prediction of actual results.
END
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END
MSCFLFVDLDLRIII
(END) Dow Jones Newswires
November 06, 2020 12:39 ET (17:39 GMT)
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