National Grid Gas PLC Announcement of Substitution of Issuer (1117Q)

TIDM82HZ TIDMNG. TIDM46XU

RNS Number : 1117Q

National Grid Gas PLC

24 November 2016

National Grid Gas plc ("NGG")

and

National Grid Gas Finance plc ("NGGF")

Announcement of Substitution of Issuer to the holders of the:

-- GBP100,000,000 1.8625 per cent. Index-Linked Instruments due 2039 (ISIN: XS0294586002) (Series 56);

-- GBP100,000,000 1.6298 per cent. RPI-Linked Instruments due 2048 (ISIN: XS0264020347) (Series 41); and

-- GBP100,000,000 1.5522 per cent. RPI-Linked Instruments due 2048 (ISIN: XS0263581919) (Series 42),

each originally issued by NGG (each a "Series" and together the "Instruments")

Further to its announcement made at or around 11.00 a.m. on 22 November 2016 (the "Launch RNS"), NGG and NGGF hereby announce that, pursuant to a consent solicitation process, with effect on and from today:

1. NGGF has been substituted in place of NGG as issuer and principal debtor in respect of each Series;

2. National Grid Gas Distribution Limited, the parent company of NGGF, has given an unconditional and irrevocable guarantee in respect of NGGF's obligations as issuer and principal debtor under the Instruments of each Series;

   3.         NGG has been irrevocably released of all of its obligations under the Instruments; 

4. further substantial modifications have been made to the terms and conditions of the Instruments, certain of which were set out in the Launch RNS; and

   5.         the Instruments have been respectively renamed as National Grid Gas Finance plc's: 

a. GBP100,000,000 2.3125 per cent. Index-Linked Instruments due 2039 (ISIN: XS0294586002) (Series 56);

b. GBP100,000,000 2.1798 per cent. RPI-Linked Instruments due 2048 (ISIN: XS0264020347) (Series 41); and

c. GBP100,000,000 2.1022 per cent. RPI-Linked Instruments due 2048 (ISIN: XS0263581919) (Series 42).

Following the completion of the substitutions of NGGF as issuer and principal debtor, National Grid Gas Distribution Limited has in place sufficient debt and committed debt to achieve its regulatory gearing level.

Enquiries

Attention (treasury matters): Kwok Liu (Deputy Treasurer, [phone])

Attention (legal matters): Mark Noble (Deputy Group General Counsel, [phone])

National Grid Gas plc

1-3 Strand

London WC2N 5EH

24 November 2016

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 24, 2016 10:48 ET (15:48 GMT)