REG - National Grid Gas - Execution of Deed Poll

National GridAnnouncement

31/01/2023 14:00

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RNS Number : 4487O  National Grid Gas PLC  31 January 2023

RNS Number: 4487O

National Grid Gas plc (the "Issuer")

31 January 2023

 

 

Execution of Deed Poll Relating to Outstanding Bonds

 

The Issuer announces that it has today entered into a deed poll (the "Deed
Poll") in favour of the trustees for each outstanding series of the Issuer's
bonds named therein (the "NGG Bonds") in order to add a lock-up undertaking
into the terms and conditions of each series of NGG Bonds.

 

As previously announced on 24 January 2023, this undertaking restricts 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 set at 72.5%.

 

The Deed Poll takes effect from 31 January 2023.

 

As at 31 January 2023, the Deed Poll is available to bondholders at
https://www.nationalgrid.com/investors/debt-investors/debt-information/national-grid-gas-programme.
From 1 February 2023, it is expected that the Deed Poll will be available to
bondholders at https://www.nationalgas.com/news. A list of the NGG Bonds is
contained in Schedule 1 (NGG Bonds) to the Deed Poll.

 

The Deed Poll has also been submitted to the National Storage Mechanism and
will shortly be available for inspection in unedited full text at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

For further information, please contact:

 

Anh Duong, Head of Treasury, Pensions and Insurance
           +44 (0) 7590 250 650

 

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