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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| National Grid Plc | LSE:NG. | London | Ordinary Share | GB00BDR05C01 | ORD 12 204/473P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -7.00 | -0.68% | 1,018.00 | 1,017.50 | 1,018.00 | 1,022.50 | 1,014.00 | 1,018.50 | 747,054 | 10:10:45 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Combination Utilities, Nec | 24.25B | 7.8B | 2.1140 | 4.82 | 37.55B |
From Apr 2019 to Apr 2024
TIDM82HZ TIDMNG. TIDM46QK
RNS Number : 5508K
National Grid Gas PLC
22 September 2016
NOT FOR RELEASE, PUBLICATION OR 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 ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
22 September 2016
NATIONAL GRID GAS PLC (NGG) AND
NATIONAL GRID ELECTRICITY TRANSMISSION PLC (NGET)
FINAL RESULTS OF CASH TER OFFERS
Further to its announcements on 16 September 2016, NGG now announces the final results of its invitations to holders of its outstanding GBP484,000,000 6.375 per cent. Instruments due 3 March 2020 (ISIN: XS0348431551) (the 2020 Notes), its outstanding GBP503,078,000 4.1875 per cent. Guaranteed Index-Linked Bonds due 2022 (ISIN: XS0103338140) (the 2022 Notes), its outstanding GBP503,078,000 7.0 per cent. Guaranteed Fixed Rate Bonds due 2024 (ISIN: XS0103338496) (the December 2024 Notes), its outstanding GBP275,000,000 8.75 per cent. Bonds due 2025 (ISIN: XS0058343251) (the 2025 Notes) and its outstanding GBP457,000,000 6.00 per cent. Instruments due May 2038 (ISIN: XS0363511873) (the 2038 Notes), and
further to its announcements on 16 September 2016, NGET now announces the final results of its invitations to holders of its outstanding GBP450,000,000 5.875 per cent. Bonds due 2024 (ISIN: XS0094073672) (the February 2024 Notes), its outstanding GBP525,000,000 4.00 per cent. Instruments due 8 June 2027 (ISIN: XS0789331948) (the 2027 Notes), its outstanding GBP360,000,000 6.50 per cent. Notes due 2028 (ISIN: XS0132735373) (the 2028 Notes) and its outstanding GBP379,000,000 7.375 per cent. Instruments due January 2031 (ISIN: XS0407912053) (the 2031 Notes)
(the 2020 Notes, the 2022 Notes, the February 2024 Notes, the December 2024 Notes, the 2025 Notes, the 2027 Notes, the 2028 Notes, the 2031 Notes and the 2038 Notes together, the Notes and each a Series and all holders of such Notes the Noteholders)
to tender their Notes for purchase by NGG or NGET, as the case may be, for cash subject to the New Issue Condition (each such invitation, an Offer and together, the Offers).
The Offers were announced on 6 September 2016 and were made on the terms and subject to the conditions contained in the tender offer memorandum dated 6 September 2016 (the Tender Offer Memorandum) prepared by 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 15 September 2016.
New Issue Condition
NGET and NGG announce that the New Issue Condition has been satisfied.
Final Results for Any and All Offer Notes
NGG has decided to accept all of the 2020 Notes, the 2022 Notes, the December 2024 Notes, the 2025 Notes and the 2038 Notes validly tendered for purchase pursuant to the relevant Offers.
Final Results for Capped Offer Notes
NGET has decided to set the Capped Offer Notes Acceptance Amount at GBP866,996,000 and (ii) the Capped Offer Notes Series Acceptance Amount for each Series of Capped Offer Notes as set out in the table below in respect of the Capped Offer Notes. On the basis of such Capped Offer Notes Series Acceptance Amounts, NGET will accept for purchase all Capped Offer Notes validly tendered with no pro rata scaling.
Results Summary
A summary of the final results of the Offers appears below.
Any and All Offer Notes
Hot Features
Premium
Aggregate nominal amount of the relevant Notes
ISIN / accepted for purchase pursuant to the relevant
Notes Common Code Purchase Price* Offer
-------------------- --------------------------- ------------------ -----------------------------------------------
2020 Notes XS0348431551 / 034843155 121.252 per cent. GBP139,350,000
2022 Notes XS0103338140 / 010333814** 211.459 per cent. GBP138,584,000
December 2024 Notes XS0103338496 / 010333849** 147.456 per cent. GBP135,254,000
2025 Notes XS0058343251 / 005834325 164.190 per cent. GBP88,808,000
2038 Notes XS0363511873 / 036351187 172.483 per cent. GBP395,579,000
* Expressed as a percentage of the nominal amount of the relevant Notes.
** Interests in (i) the 2022 Notes are represented by a global receipt with ISIN: XS0103338140
and (ii) the December 2024 Notes are represented by a global receipt with ISIN: XS0103338496,
as further described in the Tender Offer Memorandum.
Capped Offer Notes
Capped Offer Series Acceptance Amount (being
aggregate nominal amount of the relevant Notes
ISIN / accepted for purchase pursuant to the relevant
Notes Common Code Purchase Price* Offer)
-------------------- ------------------------- ------------------ -------------------------------------------------
February 2024 Notes XS0094073672 / 009407367 135.507 per cent. GBP174,119,000
2027 Notes XS0789331948 / 078933194 126.835 per cent. GBP273,741,000
2028 Notes XS0132735373 / 013273537 155.979 per cent. GBP200,488,000
2031 Notes XS0407912053 / 040791205 174.485 per cent. GBP218,648,000
* Expressed as a percentage of the nominal amount of the relevant Notes.
Settlement
The Settlement Date in respect of the Notes accepted for purchase pursuant to the Offers is expected to be 22 September 2016.
Following settlement of the Offers GBP138,650,000 in aggregate nominal amount of the 2020 Notes will remain outstanding, GBP265,040,000 in aggregate nominal amount of the 2022 Notes will remain outstanding, GBP149,801,000 in aggregate nominal amount of the February 2024 Notes will remain outstanding, GBP82,141,000 in aggregate nominal amount of the December 2024 Notes will remain outstanding, GBP22,298,000 in aggregate nominal amount of the 2025 Notes will remain outstanding, GBP251,259,000 in aggregate nominal amount of the 2027 Notes will remain outstanding, GBP62,682,000 in aggregate nominal amount of the 2028 Notes will remain outstanding, GBP92,129,000 in aggregate nominal amount of the 2031 Notes will remain outstanding and GBP61,421,000 in aggregate nominal amount of the 2038 Notes will remain outstanding.
Barclays Bank PLC, BNP Paribas, HSBC Bank plc, Merrill Lynch International and Morgan Stanley & Co. International plc are acting as Dealer Managers for the Offers. Lucid Issuer Services Limited is acting as Tender Agent.
DEALER MANAGERS
Barclays Bank PLC BNP Paribas HSBC Bank plc
5 The North Colonnade 10 Harewood Avenue 8 Canada Square
Canary Wharf London NW1 6AA London E14 5HQ
London E14 4BB United Kingdom United Kingdom
United Kingdom
Telephone: +44 20 Telephone: +44 Telephone: +44
3134 8515 20 7595 8668 20 7992 6237
Attention: Attention: Attention:
Liability Management Liability Management Liability Management
Group Group Group
Email: Email: Email: liability.management@hsbcib.com
eu.lm@barclays.com liability.management@bnpparibas.com
Merrill Lynch International Morgan Stanley & Co. International
2 King Edward Street plc
London EC1A 1 HQ 25 Cabot Square
United Kingdom Canary Wharf
London E14 4QA
Telephone: +44 20 7996 5420 United Kingdom
Attention: Liability Management Telephone: +44 20 7677 5040
Group Attention: Liability Management
Email: DG.LM_EMEA@baml.com Group
Email: liabilitymanagementeurope@morganstanley.com
TER AGENT
Lucid Issuer Services Limited
Tankerton Works
12 Argyle Walk
London WC1H 8HA
United Kingdom
Telephone: +44 20 7704 0880
Fax: +44 20 3004 1590
Attention: Paul Kamminga / Arlind Bytyqi
Email: ngrid@lucid-is.com
Further details relating to the contents of this announcement
can be obtained from:
National Grid Electricity National Grid Gas plc
Transmission plc 1-3 Strand
1-3 Strand London WC2N 5EH
London WC2N 5EH United Kingdom
United Kingdom
Attention (treasury matters): Kwok Liu (Deputy Treasurer,
+44 20 7004 3367)
Attention (legal matters): Mark Noble (Deputy Group
General Counsel, +44 20 7004 3212)
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 NGG, NGET, 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
TENAKBDDFBKKACB
(END) Dow Jones Newswires
September 22, 2016 04:17 ET (08:17 GMT)
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