National Grid Sets Floating Rate Purchase Price At 99.75%

29th Jul 2010 10:22

LONDON (Dow Jones)--Utility firm, National Grid PLC (NGG) said Thursday that the floating rate purchase price will be 99.75% of the nominal amount of the relevant notes under the tender offers of its outstanding GBP414 million 6.125% Instruments due April 2014; EUR750 million floating rate instruments due 2012 and NGG Finance PLC's offer to holders of its EUR750 million 6.125% Guaranteed Bonds due 2011. MAIN FACTS: -The accrued interest payment for the floating rate notes will be EUR0.50 per EUR1,000 in nominal amount of the relevant notes. -The offers were announced on July 21, 2010 and the expiration deadline was 1500 GMT on July 28. -The Sterling Purchase, or 6.125% instruments due April 2014, spread will be +140 basis points and the Euro Purchase Spread, or 6.125% guaranteed bonds due 2011, will be +25 basis points. -Pricing for the Sterling Fixed Rate Notes and the Euro Fixed Rate Notes will take place at or around 1300 GMT Thursday. -National Grid or NGGF, have decided to accept for purchase GBP64.88 million in aggregate nominal amount of the Sterling Fixed Rate Notes tendered; EUR106.79 million in aggregate nominal amount of the Floating Rate Notes tendered; and EUR213.04 million in aggregate nominal amount of the Euro Fixed Rate Notes tendered. -National Grid shares at 0920 GMT down 2 pence, or 0.4%, at 511 pence valuing the company at GBP17.71 billion. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires July 29, 2010 05:22 ET (09:22 GMT)