Confirmation of an Approach to Drax Group Limited

LONDON, September 13  /PRNewswire-FirstCall/ -- Constellation Energy Group Inc ("Constellation Energy", NYSE: CEG) and Perry Capital LLC and its affiliates ("Perry Capital") together confirm that they have approached the Board of Drax Group Limited ("Drax") with a view to making a cash offer for the company at an enterprise value of GBP1.9 billion, subject to certain conditions.

Such an offer would provide creditors and equity holders with a full cash alternative to the current plans for a possible listing of Drax.

Constellation Energy and Perry Capital have together engaged Lazard as financial adviser on this transaction and CSFB to arrange the necessary debt financing. 

  Notes to editors:
  About Constellation Energy


Constellation Energy is a Fortune Global 500 Energy Company based in Baltimore, Maryland, with an equity capitalisation in excess of US$10 billion. Constellation is the leading supplier of competitive electricity to large commercial and industrial customers in the US and the nation's largest wholesale power seller. Constellation is also a major generator of electricity with approximately 12,000MW of power generating assets throughout the US, including 2,827MW of coal fired generation.

Constellation Energy has a significant and growing presence in the UK energy market.

About Perry Capital

Founded in 1988, Perry Capital is an investment fund manager with approximately US$12 billion under management and offices in New York, London and Hong Kong. Perry Capital generally considers its investments to be long-term and seeks to develop close working relationships with the key members of a company's management and operating team. 

DATASOURCE: Constellation Energy and Perry Capital



CONTACT:  Enquiries: Lazard, [phone], Paul Gismondi, Matthew

Jarman, Richard Stables; Maitland, [phone], Neil

Bennett, Liz Morley

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