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Prospect News home > News index > List of issuers T > Headlines for Tenders 2010 > News item
Published on 7/21/2010 in the Prospect News Liability Management Daily.

National Grid, subsidiary offer to buy back up to €450 million notes

By Angela McDaniels

Tacoma, Wash., July 21 - National Grid plc began a tender offer for its £414 million 6.125% instruments due April 2014 and €750 million floating-rate instruments due 2012, and NGG Finance plc began a tender offer for its €750 million 6.125% guaranteed bonds due 2011, according to a company news release.

Together, the companies will accept up to €450 million, or the equivalent amount in pounds sterling, principal amount of notes in the offer.

Accordingly, National Grid and/or NGG Finance may accept for purchase more or less (or none) of the notes of one series as compared to the other series.

The purchase price for the floating-rate notes will be determined via a modified Dutch auction procedure. The minimum price is 99.75.

The purchase price for the sterling fixed-rate notes will be set using the sum of the 5% U.K. Treasury Gilt due 2014 plus a spread of no more than 140 basis points. The purchase price for the euro fixed-rate notes will be set using the sum of the interpolated euro mid-swap rate plus a spread of up to 25 bps.

The spreads will be determined via a modified Dutch auction.

Holders will also receive accrued interest.

The tender offers will expire at noon ET time on July 28. The purchase prices for the fixed-rate notes will be set at 10 a.m. ET on July 29, and the settlement date is expected to be Aug. 3.

The dealer managers are BNP Paribas (+44 20 7595 8668 or liability.management@bnpparibas.com) and HSBC Bank plc (+44 20 7991 5874 or liability.management@hsbcib.com). The tender agent is Lucid Issuer Services Ltd. (+44 20 7704 0880 or nationalgrid@lucid-is.com, attention Sunjeeve Patel and Thomas Choquet).

National Grid is a gas and electric utility based in London.


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