National Grid companies tender for €450 million of four note series

By Susanna Moon

Chicago, Jan. 10 - National Grid plc, National Grid Electricity Transmission plc and National Grid Gas plc said they plan to buy up to €450 million nominal amount of notes in Dutch auction tender offers.

Covered by the tender offers are National Grid's €600 million 5% notes due 2018 and its €1 billion 4.125% notes due 2013; National Grid Electricity's €600 million 6.625% notes due 2014; and National Grid Gas' €800 million 5.125% notes due 2013.

Pricing for the notes will be set through a modified Dutch auction at 9 a.m. ET on the business day following the expiration deadline, which is expected to be Jan. 18.

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

• 58 basis points for the 5% notes;

• 15 bps for the 4.125% notes;

• 28 bps for the 6.625% notes; and

• 17 bps for the 5.125% notes.

Holders also will receive accrued interest.

The offers will end at 11 a.m. ET on Jan. 17. Settlement is expected to occur on Jan. 21.

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) are the dealer managers.

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

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

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