Final Pricing of Cash Tender Offers (6903Z)
18 Janvier 2011 - 5:43PM
UK Regulatory
TIDMNG. TIDM46QK TIDM35DT
RNS Number : 6903Z
National Grid PLC
18 January 2011
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).
18 January 2011
NATIONAL GRID PLC (National Grid), NATIONAL GRID ELECTRICITY
TRANSMISSION PLC (NGET)AND NATIONAL GRID GAS PLC (NGG)
FINAL PRICING OF CASH TENDER OFFERS
National Grid announces the final pricing of its invitations to
holders of its outstanding EUR600,000,000 5.00 per cent.
Instruments due 2018 (ISIN: XS0170798325) (the 2018 Notes) and its
outstanding EUR1,000,000 000 4.125 per cent. Instruments due 2013
(ISIN: XS0247626962) (the March 2013 Notes), NGET announces the
final pricing of its invitation to holders of its outstanding
EUR600,000,000 6.625 per cent. Instruments due 2014 (ISIN:
XS0403509341) (the 2014 Notes) and NGG announces the final pricing
of its invitation to holders of its EUR800,000,000 5.125 per cent.
Instruments due 2013 (ISIN: XS0363740985) (the May 2013 Notes and,
together with the 2018 Notes, the March 2013 Notes and the 2014
Notes, the Notes) to tender their Notes for purchase by National
Grid, NGET or NGG, as the case may be, for cash (each such
invitation, an Offer and together, the Offers).
The Offers were announced on 10 January 2011 and were made on
the terms and subject to the conditions contained in the tender
offer memorandum dated 10 January 2011 (the Tender Offer
Memorandum) prepared by National Grid, NGET and NGG 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 17 January 2011. Earlier today, National Grid, NGET and
NGG announced the Series Acceptance Amounts and the Purchase
Spreads for the Offers in respect of the March 2013 Notes and the
May 2013 Notes. Final pricing for those Offers took place at or
around 2.00 p.m. (London time) today.
The cash purchase price National Grid will pay for the March
2013 Notes validly tendered and accepted for purchase will be
104.310 per cent. of the nominal amount of the relevant March 2013
Notes. The relevant Accrued Interest Payment will be EUR34.58 per
EUR1,000 in nominal amount of the relevant March 2013 Notes.
The cash purchase price NGG will pay for the May 2013 Notes
validly tendered and accepted for purchase will be 106.667 per
cent. of the nominal amount of the relevant May 2013 Notes. The
relevant Accrued Interest Payment will be EUR1,769.18 per EUR50,000
in nominal amount of the relevant May 2013 Notes.
A summary of the pricing terms for the Offers appears below:
Interpolated Purchase Purchase Purchase Accrued Final
Mid-Swap Spread Yield Price Interest Scaling
Rate Factor*
March 1.913 per +15 bps 2.063 104.310 3.458 48.1
2013 cent. per per per per
Notes cent. cent. cent. cent.
(annual)
May 2013 1.961 per +17 bps 2.131 106.667 3.538 87.5
Notes cent. per per per per
cent. cent. cent. cent.
(annual)
* Rounded to one decimal place. Each final Scaling Factor
reflects the Scaling Factor initially applied to all valid tenders
of Notes of the relevant Series to allow for the aggregate nominal
amount of Notes accepted for purchase, following such scaling and
the subsequent rounding of tenders of Notes, to equal exactly the
Total Acceptance Amount, all as described in the Tender Offer
Memorandum. As a result of rounding of each valid tender of Notes
following application of the Scaling Factor, the implicit scaling
factor applied to each valid tender of Notes may differ.
The Settlement Date in respect of those March 2013 Notes and May
2013 Notes accepted for purchase is expected to be 21 January
2011.
ING Bank N.V., Lloyds TSB Bank plc, Societe Generale and
UniCredit Bank AG 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
ING Bank N.V. Lloyds TSB Bank plc 10 Gresham Street
Foppingadreef 7 London EC2V 7AE United Kingdom
1102 BD Amsterdam ZO Telephone: +44 20 7158 3981
The Netherland Attention: Liability Management
Telephone: +31 20 563 8975 Email:
Attention: +31 20 501 3888 liability.management@lloydsbanking.co
Email: syndicate@ing.be m
Societe Generale SG House 41 Tower UniCredit Bank AG
Hill London EC3N 4SG United Kingdom Arabellastrasse 12
Telephone: +44 20 7676 7579 81925 Munich
Attention: Liability Management - GCM Germany
Email: Telephone: +49 89 378 159 59
liability.management@sgcib.com Attention: Legal, Compliance,
Documentation
Email: DCMlegal@unicreditgroup.de
TENDER AGENT
Lucid Issuer Services Limited
Leroy House
436 Essex Road
London N1 3QP
United Kingdom
Telephone: +44 20 7704 0880
Fax: +44 20 7067 9098
Attention: Thomas Choquet
Email: ngrid@lucid-is.com
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, NGET, NGG, the Dealer
Managers and the Tender Agent to inform themselves about, and to
observe, any such restrictions.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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