Offer Results Of Cash Tender Offers (6487Z)
18 Janeiro 2011 - 8:11AM
UK Regulatory
TIDMNG. TIDM46QK TIDM35DT
RNS Number : 6487Z
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)
OFFER RESULTS OF CASH TENDER OFFERS
National Grid announces the offer results 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
offer results 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 offer results
of its invitation to holders of its outstanding 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 and each a Series) 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.
National Grid, NGET or NGG, as applicable, has determined that
the final Purchase Spread for each Series accepted for purchase
will be the Maximum Purchase Spread for such Series, being +15 bps
in the case of the March 2013 Notes and +17 bps in the case of the
May 2013 Notes. Determination of the final Purchase Prices will
take place at or around 2.00 p.m. (London time) today (the Pricing
Time). As soon as reasonably practicable after the Pricing Time,
National Grid, NGET and NGG will announce (i) the Interpolated
Mid-Swap Rates, (ii) the Purchase Prices for the March 2013 Notes
and the May 2013 Notes accepted for purchase pursuant to the
Offers, and (iii) the Accrued Interest for the March 2013 Notes and
the May 2013 Notes accepted for purchase pursuant to the
Offers.
National Grid, NGET or NGG, as applicable, has determined that
the Series Acceptance Amount for each Series will be as follows,
and that it has decided to accept for purchase (i) EUR200,000,000
in aggregate nominal amount of the March 2013 Notes, (ii)
EUR250,000,000 in aggregate nominal amount of the May 2013 Notes,
and (iii) zero in respect of each of the 2014 Notes and the 2018
Notes.
Accordingly, National Grid will accept for purchase March 2013
Notes tendered pursuant to valid Non-Competitive Tender
Instructions (being Tender Instructions that did not specify a
purchase spread or specified a purchase spread greater than or
equal to the relevant Maximum Purchase Spread), subject to
application of a scaling factor of 48.0 per cent. In addition, NGG
will accept for purchase May 2013 Notes tendered pursuant to valid
Non-Competitive Tender Instructions, subject to application of a
scaling factor of 86.3 per cent.
None of National Grid, NGET or NGG will accept for purchase any
March 2013 Notes or May 2013 Notes tendered pursuant to Competitive
Tender Instructions, or any 2014 Notes or 2018 Notes tendered for
purchase pursuant to the Offers (whether tendered pursuant to
Non-Competitive Tender Instructions or Competitive Tender
Instructions). Notes validly tendered but not accepted for purchase
pursuant to the Offers will be unblocked in the relevant accounts
in the Clearing Systems.
The Settlement Date in respect of those March 2013 Notes and May
2013 Notes accepted for purchase pursuant to the Offers 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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