National Grid seeks holder consents to replace issuer for three notes

By Susanna Moon

Chicago, Nov. 22 – National Grid Gas plc began soliciting consents for its £100 million 1.8625% index-linked instruments due 2039, series 56, £100 million 1.6298% RPI-Linked Instruments due 2048, series 41, and its £100 million 1.5522% RPI-Linked Instruments due 2048, series 42.

The company is asking for approval to substitute as issuer National Grid Gas Finance plc, a subsidiary of National Grid Gas Distribution Ltd.

The proposed amendments also include the following:

• The giving of a guarantee by National Grid Gas Distribution for National Grid Gas Finance's obligations as issuer and principal debtor under the instruments;

• National Grid would release all of its obligations under the Instruments; and

• Other substantial modifications to the terms, including an increase in the interest rate.

National Grid plc is a London-based electricity and gas utility.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.