27 July 2023

DS Smith Plc - Inaugural Green Bond issuance

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES OF AMERICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

DS Smith Plc, the leading supplier of sustainable packaging, has successfully launched and priced EUR 850,000,000 Notes due 27 July 2027 with a coupon of 4.375% and EUR 650,000,000 Notes due 27 July 2030 with a coupon of 4.5%, (together "the Notes"), pursuant to its Euro Medium Term Note Programme.

An amount equal to the net proceeds of the issuance of the Notes will be used to finance or refinance eligible activities in accordance with DS Smith's green finance framework. The net proceeds of the issuance of the Notes may be used, in whole or in part, to refinance existing indebtedness, including the 1.375% notes due July 2024 (the "2024 Notes"), and the issuance will significantly extend the tenure of the DS Smith Group's borrowings.

DS Smith has also decided to accept for purchase €297,576,000 in aggregate principal amount of the 2024 Notes at a purchase price equal to 97.25% of their nominal amount pursuant to a tender offer (the "Offer") announced to holders of the 2024 Notes on 18 July 2023. The Offer is expected to settle on 31 July 2023 subject to and in accordance with terms and conditions of the tender offer memorandum relating to the Offer.

The Notes have been, and will be, offered and sold only to non-U.S. persons outside the United States in accordance with Regulation S under the U.S. Securities Act of 1933, as amended.

Richard Pike, Group Finance Director, said:

"We are delighted by the response from investors to our inaugural Green Bonds issuance. The pricing reflects the Group's prospects, sustainability focus, investment grade credit metrics and significantly lengthens our maturity profile, providing long term, attractive financing for the business."  

Enquiries

DS Smith Plc                                                                 +44 (0)20 7756 1800

Investors

Hugo Fisher, Group Investor Relations Director

Anjali Kotak, Investor Relations Director

Media

Greg Dawson, Corporate Affairs Director

Brunswick  - Simon Sporborg                                         +44 (0)20 7404 5959

About DS Smith

DS Smith is a leading provider of sustainable paper-based packaging worldwide which is supported by recycling and papermaking operations. It play a central role in the value chain across sectors including e-commerce, fast moving consumer goods and industrials. Through its purpose of 'Redefining Packaging for a Changing World' and its Now and Next sustainability strategy, DS Smith is committed to leading the transition to the circular economy, while delivering more circular solutions for its customers and wider society - replacing problem plastics, taking carbon out of supply chains and providing innovative recycling solutions. Its bespoke box-to-box in 14 days model, design capabilities and innovation strategy sits at the heart of this response. DS Smith operates in 34 countries employing around 30,000 people and is a Strategic Partner of the Ellen MacArthur Foundation.