By Rebecca Melvin
Concord, N.H., June 22 – National Grid Electricity Transmission plc priced C$850 of 2.301% notes due June 22, 2029 (expected rating: Baa1/BBB+/A-), at par, according to a release published by the London Stock Exchange.
The series 92 instruments were sold under the issuer’s €15 billion euro medium-term note program.
They are callable for a make whole premium based on Canadian Treasuries plus 27.5 basis points prior to a three-month par call.
RBC Dominion Securities Inc., TD Securities Inc., ING Bank NV, Belgian Branch, Mizuho Securities Canada Inc., Morgan Stanley Canada Ltd., MUFG Securities (Canada) Ltd. and Wells Fargo Securities Canada Ltd. are bookrunners of the Regulation S notes, for which the proceeds are earmarked for general corporate purposes
The notes were expected to be listed on the London stock exchange on Tuesday.
The company owns and operates the regulated electricity transmission network in England and Wales.
| Issuer: | National Grid Electricity Transmission plc
|
| Issue: | Notes, series 92
|
| Amount: | C$850 million
|
| Maturity: | June 22, 2029
|
| Bookrunners: | RBC Dominion Securities Inc., TD Securities Inc., ING Bank NV, Belgian Branch, Mizuho Securities Canada Inc., Morgan Stanley Canada Ltd., MUFG Securities (Canada) Ltd. and Wells Fargo Securities Canada Ltd.
|
| Coupon: | 2.301%
|
| Price: | Par
|
| Yield: | 2.301%
|
| Spread: | Mid-swaps plus 62 bps
|
| Calls: | Make-whole call at Canadian Treasuries plus 27.5 bps premium and three-month par call
|
| Pricing date: | June 17
|
| Issue date: | June 22
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A-
|
| Distribution: | Regulation S
|
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