3rd Sep 2019 14:21
(Alliance News) - National Grid PLC on Tuesday said the tender offer for the EUR1.25 billion of fixed rate resettable capital securities due 2076 has closed with EUR1.02 billion worth of acceptances.
The offer was announced by NGG Finance PLC on Tuesday last week and is guaranteed by gas and electricity network operator National Grid.
The tender offer will be priced at the principal amount plus 3.537% and accrued interest, and the purchase yield is 0.25%. No pro rata scaling will take place.
The buyback is set to occur on Friday, following which EUR230.9 million of the capital securities will be outstanding. Given that over 80% of the securities will have been tendered at that point, NGG Finance will have the option to redeem the outstanding securities and intends to do so.
Shares in National Grid were up 0.2% at 862.16 pence in London on Tuesday afternoon.
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