Debt Issuance Pricing

20 July 2017

DS Smith Plc - prices debt issuance

DS Smith Plc, the leading supplier of recycled packaging for consumer goods, today announces that, following the announcement of the proposed acquisition of Interstate Resources and associated equity and debt financing on 29 June 2017 (the "Transaction"), DS Smith has successfully launched and priced EUR750,000,000 Notes due 26 July 2024 with a coupon of 1.375% and GBP250,000,000 Notes due 26 July 2029 with a coupon of 2.875% (together the ''Notes") pursuant to its Euro Medium Term Note Programme.

The proceeds of the issue will be used to refinance the GBP 400 million bridge facility entered into at the time of the Transaction together with other DS Smith existing facilities, significantly extending the tenure of the DS Smith Group's borrowings.

Adrian Marsh, Group Finance Director, said:

"We are delighted by the response to the acquisition and our debt issuance. The pricing reflects the Group's prospects, investment grade credit metrics and significantly lengthens our maturity profile at highly competitive rates, providing long term, attractive financing for the business."  

Enquiries

DS Smith Plc                                                                  +44 (0)20 7756 1800

Hugo Fisher, Group Communications Director

Rachel Stevens, Investor Relations Director

DISCLAIMER - INTENDED ADDRESSEES

This publication does not constitute an offering of debt instruments, and is not for distribution in or into the United States. The Notes have not been and will not be registered under the United States Securities Act of 1933 as amended (the 'Securities Act'), or any relevant securities laws of any state of the United States and, subject to certain exceptions, the Notes may not be offered, sold or delivered in the United States or to, or for the account or benefit of, U.S. persons, as such terms are defined in Regulation S under the Securities Act.  Notes in bearer form are subject to U.S. tax law requirements and may not be offered, sold or delivered within the United States or its possessions or to a U.S. person, except in certain transactions permitted by U.S. tax regulations.  Terms used in the preceding sentence have the meanings given to them by the U.S. Internal Revenue Code and regulations thereunder. There will be no public offering of the Notes in the United States.

Please note that the information contained in this announcement may be addressed to and/or targeted at persons who are residents of particular countries only and is not intended for use and should not be relied upon by any person outside these countries.