National Grid Group

National Grid Group (NGG) is launching a £614m Eurobond issue on the back of three previous bond issues which were completed at the end of July. The combined value of the two index-linked bonds and the long-term fixed rate bond was £600m. Now NGG is launching two fixed rate Eurobond issues.
CMS Cameron McKenna’s relationship with NGG dates back to the privatisation of the electricity industry. National Grid Company (NGC), the regulated subsidiary of NGG, was extracted out of the Central Electricity Generating Board (CEGB) and Camerons won it as a client in a pitch back in 1988. The firm then advised National Grid Holding (NGH) when it floated in 1995.
The Royal Bank of Scotland and Morgan Stanley arranged the first bond issues, but the Eurobonds are being arranged by Barclays Capital, JP Morgan Chase and Deutsche Bank.
The deal is pretty straightforward, although it includes a number of interest rates and currency swaps.