National Grid Gas PLC Announcement of Substitution of Issuer (1117Q)
November 24 2016 - 10:48AM
UK Regulatory
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, +44 20
7004 3367)
Attention (legal matters): Mark Noble (Deputy Group General
Counsel, +44 20 7004 3212)
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
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