Final Pricing Of The Fixed Rate Notes
July 29 2010 - 10:45AM
UK Regulatory
TIDMNG. TIDM87QJ
RNS Number : 1990Q
National Grid PLC
29 July 2010
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE
UNITED STATES OF AMERICA, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO
RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE
NORTHERN MARIANA ISLANDS), ANY STATE OF THE UNITED STATES OF AMERICA OR THE
DISTRICT OF COLUMBIA (the United States) OR IN OR INTO OR TO ANY PERSON LOCATED
OR RESIDENT IN THE REPUBLIC OF ITALY (Italy).
29 JULY 2010
NATIONAL GRID PLC (National Grid) AND NGG FINANCE PLC (NGGF)
FINAL PRICING OF THE FIXED RATE NOTES
National Grid announces the final pricing of the Fixed Rate Notes in relation to
its invitation to holders of its outstanding GBP414,000,000 6.125 per cent.
Instruments due April 2014 (ISIN: XS0412068453) (the Sterling Fixed Rate Notes)
and EUR750,000,000 Floating Rate Instruments due 2012 (ISIN: XS0267821394) (the
Floating Rate Notes) and NGGF announces the final pricing of the Fixed Rate
Notes in relation to its invitation to holders of its EUR750,000,000 6.125 per
cent. Guaranteed Bonds due 2011 (ISIN: XS0133729771) (the Euro Fixed Rate Notes
and, together with the Sterling Fixed Rate Notes, the Fixed Rate Notes and,
altogether with the Floating Rate Notes, the Notes) to tender their Notes for
purchase by National Grid or NGGF, as the case may be, for cash (each such
invitation, an Offer and together, the Offers).
The Offers were announced on Wednesday, 21 July 2010 and were made on the terms
and subject to the conditions contained in the tender offer memorandum dated 21
July 2010 (the Tender Offer Memorandum) prepared by National Grid and NGGF in
connection with the Offers. Capitalised terms used but not otherwise defined in
this announcement shall have the meaning given to them in the Tender Offer
Memorandum.
The Expiration Deadline for the Offers was 4.00 p.m. (London time) on Wednesday,
28 July 2010. The Series Acceptance Amounts, the Floating Rate Purchase Price
and the Purchase Spreads were announced earlier today.
The cash purchase price National Grid will pay for the Sterling Fixed Rate Notes
validly tendered and accepted for purchase will be 109.359 per cent. of the
nominal amount of the relevant Sterling Fixed Rate Notes. The Accrued Interest
Payment will be GBP18.46 per GBP1,000 in nominal amount of the relevant Sterling
Fixed Rate Notes.
The cash purchase price NGGF will pay for the Euro Fixed Rate Notes validly
tendered and accepted for purchase will be 104.786 per cent. of the nominal
amount of the relevant Euro Fixed Rate Notes. The Accrued Interest Payment will
be EUR57.89 per EUR1,000 in nominal amount of the relevant Euro Fixed Rate Notes.
A summary of the pricing terms for the Fixed Rate Notes appears below:
+----------+-----------+--------------+----------+----------+----------+
| | Benchmark | Interpolated | Purchase | Purchase | Purchase |
| | Security | Mid-Swap | Spread | Yield | Price |
| | Rate | Rate | | | |
+----------+-----------+--------------+----------+----------+----------+
| Sterling | 1.956 | - | +140 | 3.356 | 109.359 |
| Fixed | per | | bps | per | per |
| Rate | cent. | | | cent. | cent. |
| Notes | | | | (semi | |
| | | | | annual) | |
+----------+-----------+--------------+----------+----------+----------+
| Euro | - | 1.265 | +25 | 1.515 | 104.786 |
| Fixed | | per | bps | per | per |
| Rate | | cent. | | cent. | cent. |
| Notes | | | | (annual) | |
+----------+-----------+--------------+----------+----------+----------+
The Settlement Date is expected to be on Tuesday, 3 August 2010.
BNP Paribas and HSBC Bank plc are acting as Dealer Managers for the Offers.
Lucid Issuer Services Limited is acting as Tender Agent. For detailed terms of
the Offers please refer to the Tender Offer Memorandum.
+-------------------------------------+---------------------------------+
| DEALER MANAGERS |
+-----------------------------------------------------------------------+
| BNP Paribas | HSBC Bank plc |
| 10 Harewood Avenue | 8 Canada Square |
| London NW1 6AA | London E14 5HQ |
| United Kingdom | United Kingdom |
| Telephone: +44 20 7595 8668 | Telephone: +44 20 7991 5874 |
| Attention: Liability | Attention: Liability |
| Management Group | Management Group |
| Email: | Email: |
| liability.management@bnpparibas.com | liability.management@hsbcib.com |
| | |
+-------------------------------------+---------------------------------+
| TENDER AGENT |
+-----------------------------------------------------------------------+
| Lucid Issuer Services Limited |
| Leroy House |
| 436 Essex Road |
| London N1 3QP |
| United Kingdom |
| Telephone: +44 20 7704 0880 |
| Fax: +44 20 7067 9098 |
| Attention: Sunjeeve Patel and Thomas Choquet |
| Email: nationalgrid@lucid-is.com |
| |
+-------------------------------------+---------------------------------+
DISCLAIMER
This announcement must be read in conjunction with the Tender Offer Memorandum.
No offer or invitation to acquire any securities is being made pursuant to this
announcement. The distribution of this announcement and the Tender Offer
Memorandum in certain jurisdictions may be restricted by law. Persons into
whose possession this announcement and/or the Tender Offer Memorandum comes are
required by each of National Grid, NGGF, the Dealer Managers and the Tender
Agent to inform themselves about, and to observe, any such restrictions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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