National Grid PLC NG. Expiration and Final Tender Results

  National Grid PLC (NG.) - Expiration and Final Tender Results

RNS Number : 0439O
National Grid PLC
05 October 2012

 National Grid plc Announces Expiration and Final Tender Results of its Offer
                     to Purchase its 6.30% Notes due 2016

LONDON, ENGLAND - October 5, 2012 - National Grid plc (the "Company"), which
owns and operates regulated electricity and gas infrastructure networks in the
United Kingdom and the United States, announces today the expiration and final
tender results of its previously announced tender offer (the "Tender Offer")
in relation to its outstanding 6.30% Notes due 2016 (the "Notes").

The Tender Offer was made pursuant to an offer to purchase dated September 6,
2012 (the "Offer to Purchase"), which sets forth a more comprehensive
description of the terms of the Tender Offer. Capitalized terms used but not
otherwise defined in this press release shall have the meanings given to them
in the Offer to Purchase.

The Expiration Date of 5:00 p.m., New York City time, on October 4, 2012 for
Notes validly tendered pursuant to the Tender Offer has now passed. Notes
that were validly tendered prior to the Early Tender Date of 5:00 p.m., New
York City time, on September 19, 2012 and were accepted for payment by the
Company will be entitled to receive the Total Consideration, plus Accrued
Interest. Notes that were validly tendered after the Early Tender Date but at
or prior to the Expiration Date and were accepted for purchase will be
eligible to receive the Tender Offer Consideration, which is the Total
Consideration minus the Early Tender Premium, plus Accrued Interest. As of
the Expiration Date, an aggregate principal amount of $59,770,000 has been
validly tendered and accepted for purchase in the Tender Offer. The
settlement date for Notes accepted for purchase will occur promptly after the
Expiration Date, and is expected to be October 5, 2012.

The complete terms and conditions of the Tender Offer are described in the
Offer to Purchase, copies of which may be obtained by contacting Global
Bondholder Services Corporation, which acted as the tender and information
agent for the Tender Offer (the "tender and information agent"), at (866)
294-2200 (toll-free). The Company engaged Citigroup Global Markets Limited to
serve as dealer manager for the Tender Offer (the "dealer manager"). Questions
regarding the terms of the Tender Offer may be directed to Citigroup Global
Markets Limited, Citigroup Centre, Canada Square, Canary Wharf, London E14
5LB, United Kingdom, Attention: Liability Management Group, at (800) 558-3745
(toll-free), (212) 723-6106 (collect) or +44 (0) 20 7986 8969 (London).

This press release does not constitute or form part of any offer or invitation
to purchase, or any solicitation of any offer to sell, the Notes or any other
securities, nor shall it or any part of it, or the fact of its release, form
the basis of, or be relied on or in connection with, any contract therefor.
The Tender Offer was made only by and pursuant to the terms of the Offer to
Purchase and the related Letter of Transmittal and the information in this
press release is qualified by reference to the Offer to Purchase and the
related Letter of Transmittal. None of the Company, the dealer manager or the
tender and information agent made any recommendations as to whether holders
should tender their Notes pursuant to the Tender Offer.

About National Grid

National Grid plc is an international electricity and gas company based in the
United Kingdom and north-eastern United States. The Company's principal
operations are in the ownership and operation of regulated electricity and gas
infrastructure networks in the United Kingdom and the United States. The
Company also has interests in related matters, including electricity
interconnectors, metering services, liquefied natural gas ("LNG") facilities
and property in the United Kingdom, LNG storage and transportation and
non-regulated gas transmission pipelines in the United States.

Forward-Looking Statements

This press release, the Offer to Purchase and the documents incorporated by
reference into the Offer to Purchase contain certain statements that are
neither reported financial results nor other historical information. These
statements are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. These statements include information with
respect to the Company's financial condition, results of operations and
businesses, strategy, plans, objectives and the expected impact of this offer
on the foregoing. Words such as "anticipates", "expects", "should", "intends",
"plans", "believes", "outlook", "seeks", "estimates", "targets", "may",
"will", "continue", "project" and similar expressions, as well as statements
in the future tense, identify forward-looking statements.

These forward-looking statements are not guarantees of the Company's future
performance and are subject to assumptions, risks and uncertainties that could
cause actual future results to differ materially from those expressed in or
implied by the forward-looking statements. Many of these assumptions, risks
and uncertainties relate to factors that are beyond the Company's ability to
control or estimate precisely, such as:

• delays in obtaining, or adverse conditions contained in, regulatory
approvals and contractual consents;

• unseasonable weather affecting the demand for electricity and gas;

• competition and industry restructuring;

• changes in economic conditions;

• currency fluctuations;

• changes in interest and tax rates;

• changes in energy market and commodity prices;

• changes in historical weather patterns;

• changes in laws, regulations or regulatory policies, or other
decisions by governmental bodies or regulators;

• developments in legal or public policy doctrines;

• the impact of changes to accounting standards;

• technological developments;

• the ability to access capital markets and other sources of credit in a
timely manner on acceptable terms, especially considering the fluctuating
state of market conditions in the global economy and financial markets;

• customers and counterparties failing to perform their obligations;

• the ability to integrate the businesses relating to announced or
recently completed acquisitions or joint ventures with the Company's existing
business to realise the expected synergies from such integration;

• the availability of new acquisition opportunities and the timing and
success of future acquisition opportunities;

• the timing and success or other impact of the sales of the Company's
non-core businesses;

• the failure for any reason to achieve reductions in costs or to
achieve operational efficiencies;

• the failure to retain key management or attract and train qualified

• the behaviour of U.K. electricity market participants on system

• the timing of amendments in prices to shippers in the U.K. gas market;

• the performance of the Company's pension schemes and the regulatory
treatment of pension costs; and

• any adverse consequences arising from outages or interruptions on or
otherwise affecting energy networks, including gas pipelines, which the
Company owns or operates, whether arising from adverse weather conditions,
including the result of climate change, or unauthorized access to or
deliberate breaches of the Company's IT systems or otherwise.

Other factors are discussed under the sections listed under "Operating and
financial review and prospects" and "Risk factors" in the cross-reference
table in the Company's most recent Annual Report on Form 20-F. The Company may
also make or disclose written and/or oral forward-looking statements in
reports filed with or furnished to the Securities and Exchange Commission, the
Company's annual reports and accounts to shareholders, shareholder circulars,
offering circulars, registration statements, prospectuses, prospectus
supplements, press releases and other written materials and in oral statements
made by the Company's directors, management or employees to third parties,
including financial analysts. The Company undertakes no obligation to update
any of its forward-looking statements.

The effects of these factors are difficult to predict. New factors emerge from
time to time and the Company cannot assess the potential impact of any such
factor on the business or the extent to which any factor, or combination of
factors, may cause results to differ materially from those contained in any
forward-looking statement.

# # #

Investor Relations Contact: (0044-2070043371)

                     This information is provided by RNS
           The company news service from the London Stock Exchange


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