REG - National Grid Gas - Expected Additional Bondholder Undertaking

AMPAnnouncement

24/01/2023 17:30

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RNS Number : 7335N  National Grid Gas PLC  24 January 2023

National Grid Gas PLC

24 January 2023

 

24 January 2023

 

National Grid Gas Expected Issuance of Additional Bondholder Undertaking

 

At or around the time of closing of the sale by National Grid plc of a 60%
equity interest in National Grid Gas plc (the 'Issuer' or 'NGG') to a
consortium comprising Macquarie Asset Management and British Columbia
Investment Management Corporation, the Issuer expects to add a lock-up
undertaking for the benefit of each bondholder. This undertaking would
restrict the Issuer from making certain distributions in the event that the
ratio of net debt (adjusted for certain regulatory and working capital items)
to regulatory asset value were to exceed a pre-determined percentage value,
expected to be set at 72.5%.

 

Enquiries and contacts

 

Investors and Analyst:

 

Andy Mead (Treasury)                       +44 (0) 7752
890 787

Angela Broad
            +44 (0) 7825 351 918

 

Media:

 

Danielle Dominey-Kent                       +44 (0) 7977
054 575

 

About National Grid Gas

 

NGG owns and operates the regulated gas National Transmission System ('NTS')
in Great Britain, and also owns a regulated gas metering business.

 

As both the transmission owner and system operator, NGG owns, builds and
operates the high-pressure NTS with day-to-day responsibility for balancing
supply and demand in real time and facilitates the connection of assets to the
transmission system. NGG transmission network comprises approximately 7,630
kilometres of high-pressure pipe and 23 compressor stations connecting to 8
distribution networks and other third-party independent systems.

 

NGG also owns and operates an independent metering business, the largest owner
of traditional gas meters in the UK with approximately 7.6 million domestic
and commercial meters as of March 2022. The business' activities broadly
cover: asset procurement and logistics management; meter installation,
maintenance, exchange and removal; and customer service provision.

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