Herbies and Links advise on £3.3bn National Grid cash call

The gas and electricity distributor will sell 990 million shares in a two-for-five rights issue at 335 pence, offering investors a discount of 46 per cent.

A Linklaters team led by corporate partner Roger Barron acted for National Grid, with US corporate partner Tom Shropshire advised on US securities aspects.

Herbert Smith acted for underwriters Morgan Stanley, Bank of America Merrill Lynch and Deutsche Bank. Corporate partners Alex Bafi and Chris Haynes led the deal for the City firm.

The new capital raising has been crafted to fund National Grid’s investment in replacing existing gas and electricity networks as well as developing access to new energy sources. National Grid expects to invest £22bn over the next five years.