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Southern Gas, Scotland Gas seek consents regarding £1.56 billion of notes in seven series
By Rebecca Melvin
New York, Oct. 23 – Southern Gas Networks plc and Scotland Gas Networks plc are seeking consent solicitations regarding £1.555 billion of notes in seven series, according to a filing with the London Stock Exchange.
The companies are seeking to amend the credit rating thresholds in the existing hedging counterparty criteria to align better with current issuer financing documentation, including a euro medium-term note program, and to reflect changes to the bank counterparty credit rating environment, and to consent to various other amendments of the notes.
The solicitations pertain to: Southern Gas Networks’ unguaranteed £300 million 4.875% bonds due Oct. 5, 2023 (XS118006305600; £350 million 2.5% notes due Feb. 3, 2025 (ISIN: XS1375954945); and £225 million of 6.375% notes due May 15, 2040 (ISIN: XS0348776294); and to Scotland Gas Networks’ unguaranteed £250 million 3.25% notes due March 8, 2027 (ISIN: XS0460689044); £125 million 2.317% index-linked bonds due Nov. 2, 2039 (ISIN: XS0460689044), of which £170,241,250 remains outstanding; £80 million senior floating-rate bonds due March 10, 2043 (XS0362679176); and the guaranteed £225 million 4.875% bonds due Dec. 21, 2034, which are guaranteed by Ambac Assurance UK Ltd. (ISIN: XS0232332402).
There is an early participation fee of 0.1% of the principal amount of notes for consents received prior to 11 a.m. ET on Nov. 5.
The consent solicitation expires at 11 a.m. ET on Nov. 11, and meetings with respect to the various notes will commence at 4:30 a.m. ET on Nov. 16.
Barclays Bank plc (+44 20 3134 8515, eu.lm@barclays.com) and Lloyds Bank Corporate Markets plc (+44 20 7158 1726/1719, liability.management@lloydsbanking.com) are the solicitation agents. Lucid Issuer Services Ltd. (+44 20 7704 0880, sgn@lucid-is.com) is tabulation agent.
The companies are British gas distributors.
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