National Grid unit BTIF gets early tenders for $531.3 million 0% bonds

By Susanna Moon

Chicago, March 8 – British Transco International Finance BV (BTIF) said investors had tendered $531.25 million of its $1,474,000,000 outstanding zero-coupon bonds due Nov. 4, 2021 as of 5 p.m. ET on March 7, the early tender date.

BTIF also increased the offer cap to the amount tendered so far and expects to accept for purchase all of the early tendered notes with no pro rata scaling, according to a company update on Wednesday.

As announced Feb. 22, the company was originally tendering for up to $500 million of the 0% bonds guaranteed by National Grid Gas plc.

Pricing for the offer was scheduled for 11 a.m. ET on March 8 using the 1.875% Treasury note due Jan. 31, 2022 plus 40 basis points.

The early tender payment will include a $300 premium per $10,000 principal amount of notes tendered by the early tender deadline.

The tender is set to end at 11:59 p.m. ET on March 21, but the company expects to purchase no more notes in the offer.

No accrued interest will be paid.

Settlement is expected to be March 10 for the early tendered notes and March 23 for any remaining tenders.

Tender instructions must be submitted for at least $10,000 and integrals of $10,000 after that. Tendered notes may be withdrawn before the early tender deadline.

The dealer manager is RBC Capital Markets (+44 20 7029 7063, 212 618-7822, 877 381-2099 or liability.management@rbccm.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880, fax +44 20 3004 1590 or ngrid@lucid-is.com).

National Grid plc is a London-based electricity and gas utility.

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