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National Grid cancels notes repurchased in Dutch tender offers
By Angela McDaniels
Tacoma, Wash., Aug. 3 - National Grid plc announced the cancellation of £64,879,000 of its 6.125% sterling fixed-rate notes due April 2014, €106,792,000 of its floating-rate notes due 2012 and €213,041,000 of NGG Finance plc's 6.125% guaranteed euro fixed-rate bonds due 2011.
Following the cancellations, £349,121,000 principal amount of the sterling notes, €613,208,000 principal amount of the floating-rate notes and €477,762,000 principal amount of the euro notes remain outstanding, according to a company news release.
The notes were repurchased in modified Dutch tender offers that began July 21 and expired July 28.
As previously reported, the purchase price for the floating-rate notes was set at the minimum of 99.75.
The purchase price for the sterling notes was set using the sum of the 5% U.K. Treasury Gilt due 2014 plus a spread of 140 basis points, which was also the minimum spread.
The purchase price for the euro notes was fixed using the sum of the interpolated euro mid-swap rate plus a spread of 25 bps.
Holders also received accrued interest.
All accepted notes were tendered under the non-competitive tender instructions, and the companies did not accept any tenders submitted on a competitive basis.
The dealer managers were 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 was Lucid Issuer Services Ltd. (+44 20 7704 0880 or nationalgrid@lucid-is.com, attn: Sunjeeve Patel and Thomas Choquet).
National Grid is a gas and electric utility based in London.
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