Perps: NatGrid Rights Issue



Are they implying a Partial Tender ?

The Company has stated :

• "In the near term, to support efficient management of funding costs, approximately £750 million of the net proceeds will be used to refinance a portion of the Group's outstanding hybrid bonds that have first call dates in the next 15 months."

• € NGGLN 1.625 Call24 500m and £ NGGLN 5.625 Call25 1bn

Full statement: https://otp.tools.investis.com/clients/uk/national_grid2/rns/regulatory-story.aspx?cid=374&newsid=1823678