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National Grid, subsidiary announce results, partial pricing of €450 million Dutch tender offers
By Jennifer Chiou
New York, July 29 - National Grid plc announced the completion of the up to €450 million modified Dutch tender offers for its £414 million of 6.125% instruments due April 2014 and €750 million of floating-rate instruments due 2012, as did NGG Finance plc for its €750 million of 6.125% guaranteed bonds due 2011.
National Grid and NGG Finance have decided to accept for purchase £64,879,000 of the 6.125% sterling fixed-rate notes, €106,792,000 of the floaters as well as €213,041,000 of the 6.125% euro fixed-rate notes. All accepted tenders were validly tendered under the non-competitive tender instructions.
The companies said that they will not accept any tenders submitted on a competitive basis.
That said, the purchase price for the floating-rate notes was set at the minimum of 99.75 and was determined via a modified Dutch auction procedure. The accrued interest payment for the floaters was €0.50 per €1,000 principal amount.
The purchase price for the sterling fixed-rate 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 fixed-rate notes was fixed using the sum of the interpolated euro mid-swap rate plus a spread of 25 bps. The exact payments are to be announced shortly. Holders will also receive accrued interest.
The tender offers expired at noon ET time on July 28. They began on July 21.
Settlement is expected on Aug. 3.
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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