87QJ Hsbc Bk. 23

 

TIDMNG. TIDM87QJ 
 
RNS Number : 1447Q 
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) 
                      OFFER RESULTS OF CASH TENDER OFFERS 
National Grid announces the offer results of its invitation to holders of its 
outstanding GBP414,000,000 6.125 per cent. Instruments due April 2014 (ISIN: 
XS0412068453) (the Sterling Fixed Rate Notes) and EUR750,000,000 Floating Rate 
Instruments due 2012 (ISIN: XS0267821394) (the Floating Rate Notes) and NGGF 
announces the offer results of its invitation to holders of its EUR750,000,000 
6.125 per cent.  Guaranteed Bonds due 2011 (ISIN: XS0133729771) (the Euro Fixed 
Rate Notes and, together with the Sterling Fixed Rate Notes and the Floating 
Rate Notes, the Notes and each aSeries and all holders of such Notes the 
Noteholders) 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. 
National Grid has determined that the Floating Rate Purchase Price will be 99.75 
per cent. of the nominal amount of the relevant Floating Rate Notes.  The 
Accrued Interest Payment for the Floating Rate Notes will be EUR0.50 per EUR1,000 in 
nominal amount of the relevant Floating Rate Notes. 
National Grid or NGGF, as applicable, have determined that the Sterling Purchase 
Spread will be +140 bps and the Euro Purchase Spread will be +25 bps.  Pricing 
for the Sterling Fixed Rate Notes and the Euro Fixed Rate Notes 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 and NGGF will 
announce (i) the Interpolated Mid-Swap Rate, (ii) the Benchmark Security Rate, 
(iii) the Purchase Prices for the Fixed Rate Notes accepted for purchase 
pursuant to the Offers, and (iv) the Accrued Interest for the Fixed Rate Notes. 
The Series Acceptance Amount for each Series will be as follows.  National Grid 
or NGGF, as applicable, have decided to accept for purchase (i) GBP64,879,000 in 
aggregate nominal amount of the Sterling Fixed Rate Notes tendered pursuant to 
valid Non-Competitive Tender Instructions, (ii) EUR106,792,000 in aggregate 
nominal amount of the Floating Rate Notes tendered pursuant to valid 
Non-Competitive Tender Instructions, and (iii) EUR213,041,000 in aggregate nominal 
amount of the Euro Fixed Rate Notes tendered pursuant to valid Non-Competitive 
Tender Instructions.  There will not be any scaling of the Notes tendered 
pursuant to valid Non-Competitive Tender Instructions.  Neither National Grid 
nor NGGF will accept for purchase any Notes tendered pursuant to Competitive 
Tender Instructions. 
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              |          HSBC Bank plc          | 
|         10 Harewood Avenue          |        8 Canada Square          | 
|           London NW1 6AA            |         London E14 5HQ          | 
|           United Kingdom            |         United Kingdom          | 
|    Telephone: +44 20 7595 8668      |  Telephone: +44 20 7991 5874    | 
|        Attention: Liability         |      Attention: Liability       | 
|          Management Group           |        Management Group         | 
|               Email:                |             Email:              | 
|liability.management@bnpparibas.com  |liability.management@hsbcib.com  | 
|                                     |                                 | 
+-------------------------------------+---------------------------------+ 
|                             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: Sunjeeve Patel and Thomas Choquet              | 
|                   Email: nationalgrid@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, NGGF, 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 
 
 RTEEANXNAEAEEEF 
 

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