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Prospect News home > News index > List of issuers N > Headlines for National Grid Gas plc > News item
Published on 1/18/2011 in the Prospect News Liability Management Daily.

National Grid accepts tenders for €200 million of 4.125% notes, €250 million of 5.125% notes

By Jennifer Chiou

New York, Jan. 18 - National Grid plc, National Grid Electricity Transmission plc and National Grid Gas plc announced the close of their Dutch auction tender offer for up to €450 million of the following:

• National Grid's €600 million of 5% notes due 2018 and €1 billion of 4.125% notes due 2013;

• National Grid Electricity's €600 million of 6.625% notes due 2014; and

• National Grid Gas' €800 million of 5.125% notes due 2013.

The companies accepted tenders for €200 million of the 4.125% notes in addition to €250 million of the 5.125% notes.

The offers wrapped at 11 a.m. ET on Jan. 17.

Pricing for the notes was to be set shortly after the end of the tender. Settlement is slated for Jan. 21.

Pricing will be calculated using the Interpolated mid-swap rate plus a maximum fixed spread as follows:

• 15 bps for the 4.125% notes; and

• 17 bps for the 5.125% notes.

Holders also will receive accrued interest.

National Grid said that the proration factor for the 4.125% notes is 48%. It is 86.3% for the 5.125% notes.

ING Bank NV (31 20 563 8975 or syndicate@ing.be), Lloyds TSB Bank plc (44 20 7158 3981, attn: liability management, or liability.management@lloydsbanking.com), Societe Generale (44 20 7676 7579, attn: liability management - GCM, or liability.management@sgcib.com) and UniCredit Bank AG (49 89 378 159 59, attn: legal, compliance, documentation, or mcd2@unicreditgroup.de) were the dealer managers.

Lucid Issuer Services Ltd. (44 20 7704 0880, attn: Thomas Choquet, or ngrid@lucid-is.com) was the tender agent.

National Grid is an electricity and gas company based in London.


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