Final Pricing Of The Fixed Ra

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 £414,000,000 6.125 per cent. Instruments due April 2014 (ISIN: XS0412068453) (the Sterling Fixed Rate Notes) and €750,000,000 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 €750,000,000 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 £18.46 per £1,000 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 €57.89 per €1,000 in nominal amount of the relevant Euro Fixed Rate Notes.

A summary of the pricing terms for the Fixed Rate Notes appears below:

	Benchmark Security Rate	Interpolated Mid-Swap Rate	Purchase Spread	Purchase Yield	Purchase Price
Sterling Fixed Rate Notes	1.956 per cent.	-	+140 bps	3.356 per cent. (semi annual)	109.359 per cent.
Euro Fixed Rate Notes	-	1.265 per cent.	+25 bps	1.515 per cent. (annual)	104.786 per cent.

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 10 Harewood Avenue London NW1 6AA United Kingdom Telephone: [phone] Attention: Liability Management Group Email: [e-mail]	HSBC Bank plc 8 Canada Square London E14 5HQ United Kingdom Telephone: [phone] Attention: Liability Management Group Email: [e-mail]
TENDER AGENT
Lucid Issuer Services Limited Leroy House 436 Essex Road London N1 3QP United Kingdom Telephone: [phone] Fax: [phone] Attention: Sunjeeve Patel and Thomas Choquet Email: [e-mail]

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.

 

END

 

 

RTELLFSEDVIAFII