National Grid unit BTIF takes in no more tenders since early deadline

By Susanna Moon

Chicago, March 22 – British Transco International Finance BV (BTIF) announced the final results of the capped tender offer for its $1,474,000,000 outstanding zero-coupon bonds due Nov. 4, 2021.

BTIF will accept no more tendered notes since the early deadline of 5 p.m. ET on March 7, according to a company notice.

After settlement, there will be $942.75 million of the notes left outstanding.

The company said on March 8 that investors had tendered $531.25 million of the bonds as of the early tender date.

BTIF increased the offer cap to the amount tendered and decided to accept for purchase all of the early tendered notes with no pro rata scaling.

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

The total purchase price will be $8,910.81 for each $10,000 principal amount of notes tendered by the early deadline.

Pricing was set at 11 a.m. ET on March 8 using the 1.875% Treasury note due Jan. 31, 2022 plus 40 basis points for a reference yield of 2.111%.

The early tender payment includes a $300 premium per $10,000 principal amount of notes.

No accrued interest will be paid.

The tender offer ended at 11:59 p.m. ET on March 21.

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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