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National Grid seeks holder consents to replace issuer for three notes
By Susanna Moon
Chicago, Nov. 22 – National Grid Gas plc began soliciting consents for its £100 million 1.8625% index-linked instruments due 2039, series 56, £100 million 1.6298% RPI-Linked Instruments due 2048, series 41, and its £100 million 1.5522% RPI-Linked Instruments due 2048, series 42.
The company is asking for approval to substitute as issuer National Grid Gas Finance plc, a subsidiary of National Grid Gas Distribution Ltd.
The proposed amendments also include the following:
• The giving of a guarantee by National Grid Gas Distribution for National Grid Gas Finance's obligations as issuer and principal debtor under the instruments;
• National Grid would release all of its obligations under the Instruments; and
• Other substantial modifications to the terms, including an increase in the interest rate.
National Grid plc is a London-based electricity and gas utility.
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