National Grid PLC (NGGLN)

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National Grid PLC (NGGLN)

C/P	Industry	Status	Ticker(s)	Issuer(s)	Size(m)		Tranches	Region	Date
IGC	UTIL	PRCD	NGGLN	National Grid PLC	€1,750		2	EMEA	Jan 9, 2023

Tranche #1National Grid PLC

currency

EUR

size (m)

750.000

maturity

Jan 16, 2029

type

Fixed

tenor

6.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

BBB

size description

re-open/tap

ipt

MS+125-130

ipt-pxd

guidance

MS+105 a

spread

100

coupon

3.875%

spread set

price

100.00000

yield

3.875%

book size (m)

2,250

peak book (m)

x-covered

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

2,250

peak book (m)

x-covered

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche #2National Grid PLC

currency

EUR

size (m)

1,000.000

maturity

Jan 16, 2035

type

Fixed

tenor

12.000

call

registration

Reg S Only

benchmark

Swaps

ranking

Sr. Unsecured

moody's

Baa2

s&p

BBB

fitch

BBB

size description

re-open/tap

ipt

MS+170-175

ipt-pxd

guidance

MS+145 a

spread

140

coupon

4.275%

spread set

price

100.00000

yield

4.275%

book size (m)

2,250

peak book (m)

x-covered

2.25

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

book size (m)

2,250

peak book (m)

x-covered

2.25

book attrition

nic

billing & delivering

active leads

joint leads

,,,,

passive leads

co-managers

coordinating managers

Tranche Comments

6 yr: Book size: 2250; Registration: Reg S Only; Comments: EUR750m 2-tr 6yr (green) snr unsec bmk RegS. Baa2/BBB/BBB. BofA(B&D 6yr)/BNPP(B&D 12yr)/BoC/ICBC Standard/ING/SMBCNikko. IPTs 6yr MS+125/+130. Guidance MS+105 area. Launch MS+100 for 750m. Final books ~2.25bn. DBR 0% Nov-28 (B+166.5) 88.01 / 2.210%. Par Call: 3m. MWC: B+25bps. LEI: 8R95QZMKZLJX5Q2XR704; 12 yr: Book size: 2250; Registration: Reg S Only; Comments: EUR1bn 2-tr 12yr snr unsec bmk RegS. Baa2/BBB/BBB. BofA(B&D 6yr)/BNPP(B&D 12yr)/BoC/ICBC Standard/ING/SMBCNikko. IPTs 12yr MS+170/+175. Guidance MS+145 area. Launch MS+140 for 1bn. Final books ~2.25bn. DBR 1.7% Aug-32 (B+203.2) 95.350 / 2.243%. Par Call: 3m. MWC: B+30bps. LEI: 8R95QZMKZLJX5Q2XR704;

Deal Comments

Green Bond (6yr). Joint Bookrunners: BNP(B&D) (12yr), BOC, ICB, ING, SMB, BAM(B&D) (6yr)

Use of Proceeds

6yr: Refinancing of Eligible Green Projects; 12yr: General Corporate Purposes

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