Notes to the consolidated financial statements – supplementary information
35. Bonds and facilities
The table below shows our significant bonds in issue, being £50m notional value or greater. Unless otherwise indicated, these instruments were outstanding at both 31 March 2008 and 31 March 2007.
| Issuer | Original Notional Value | Description of instrument | Due |
|---|---|---|---|
| Bonds | |||
| British Transco Finance Inc. | USD 300m | 6.625% Fixed Rate | 2018 |
| British Transco International Finance BV |
FRF 2,000m | 5.125% Fixed Rate | 2009 |
| USD 1,500m | Zero Coupon Bond | 2021 | |
| Brooklyn Union Gas Company (i) | USD 153m | NYSERDA 4.7% GFRB’s Series 1996 | 2021 |
| USD 400m | KEDNY 5.6% Senior Unsecured Note | 2016 | |
| KeySpan Corporation (i) | USD 700m | KeySpan MTN 7.625% | 2010 |
| USD 250m | KeySpan MTN 8.00% | 2030 | |
| USD 160m | KeySpan 4.9% Notes | 2008 | |
| USD 307m | KeySpan 5.803% Notes | 2035 | |
| USD 150m | KeySpan 4.65% Notes | 2013 | |
| USD 150m | KeySpan 5.875% Notes | 2033 | |
| KeySpan Gas East Corporation (i) | USD 400m | KeySpan 7.875% Gas East MTN Program | 2010 |
| (National Grid Energy Delivery Long Island) |
USD 100m | KEDLI 5.6% Senior Unsecured Note | 2016 |
| KeySpan Ravenswood LLC (i) | USD 412m | Ravenswood Master Lease Notes | 2009 |
| National Grid Electricity Transmission plc |
EUR 600m | 4.125% Fixed Rate | 2008 |
| GBP 250m | 4.75% Fixed Rate | 2010 | |
| GBP 300m | 2.983% Guaranteed Retail Price Index-Linked | 2018 | |
| GBP 220m | 3.806% Retail Price Index-Linked | 2020 | |
| GBP 450m | 5.875% Fixed Rate | 2024 | |
| GBP 360m | 6.5% Fixed Rate | 2028 | |
| GBP 70m | 3.589% Limited Retail Price Index-Linked | 2030 | |
| GBP 50m | 2.817% Guaranteed Limited Retail Price Index-Linked | 2032 | |
| GBP 75m | 5.0% Fixed Rate | 2035 | |
| GBP 50m | 2.2280% Retail Price Index-Linked | 2035 | |
| GBP 75m | 2.0353% Retail Price Index-Linked | 2035 | |
| GBP 50m | 1.8204% Retail Price Index-Linked | 2035 | |
| JPY 10,000m | Callable Fixed Rate Notes | 2035 | |
| GBP 200m | 1.6449% Retail Price Index-Linked | 2036 | |
| GBP 50m | 1.6747% Retail Price Index-Linked | 2036 | |
| GBP 50m | 1.819% Retail Price Index-Linked | 2056 | |
| GBP 150m | 1.823% Retail Price Index-Linked | 2056 | |
| GBP 50m | 1.797% Retail Price Index-Linked | 2056 | |
| GBP 50m | 1.6574% Retail Price Index-Linked | 2056 | |
| GBP 50m | 1.8055% Index-Linked (ii) | 2039 | |
| GBP 150m | 1.8575% Index-Linked (ii) | 2039 | |
| New England Power Company | USD 136m | Floating Rate Tax Exempt Pollution Control Revenue Bonds | 2020 |
| USD 106m | Floating Rate Tax Exempt Pollution Control Revenue Bonds | 2022 | |
| National Grid Gas Holdings plc | GBP 503m | Floating Rate (iii) | 2009 |
| GBP 503m | 4.1875% Index-Linked (iii) | 2022 | |
| GBP 503m | 7.0% Fixed Rate (iii) | 2024 | |
| National Grid Gas plc | GBP 300m | 5.625% Fixed Rate (iv) | 2007 |
| GBP 250m | 8.875% Fixed Rate | 2008 | |
| AUD 500m | 7.0% Fixed Rate | 2008 | |
| GBP 300m | 5.375% Fixed Rate | 2009 | |
| GBP 300m | 6.0% Fixed Rate | 2017 | |
| GBP 275m | 8.75% Fixed Rate | 2025 | |
| GBP 50m | 6.2% Fixed Rate | 2028 | |
| GBP 100m | 1.6747% Retail Price Index-Linked | 2036 | |
| GBP 115m | 1.7298% Retail Price Index-Linked | 2046 | |
| GBP 100m | 1.6298% Retail Price Index-Linked | 2048 | |
| GBP 100m | 1.5522% Retail Price Index-Linked | 2048 | |
| GBP 300m | 1.754% Retail Price Index-Linked | 2036 | |
| GBP 140m | 1.7864% Index-Linked | 2037 | |
| GBP 50m | 1.7552% Index-Linked | 2037 | |
| GBP 50m | 1.6783% Index-Linked | 2037 | |
| GBP 100m | 1.9158% Index-Linked | 2037 | |
| GBP 50m | 1.8928% Index-Linked | 2037 | |
| GBP 65m | 1.9211% Index-Linked | 2037 | |
| GBP 50m | 1.7642% Index-Linked | 2037 | |
| GBP 100m | 1.7762% Index-Linked | 2037 | |
| EUR 100m | 4.445% Fixed Rate (ii) | 2009 | |
| GBP 100m | 1.7744% Index-Linked (ii) | 2039 | |
| GBP 100m | 1.8625% Index-Linked (ii) | 2039 | |
| GBP 75m | 1.5803% Index-Linked (ii) | 2052 | |
| GBP 300m | 6.375% Fixed Rate (ii) | 2020 | |
| GBP 503m | Floating Rate (iii) | 2009 | |
| GBP 503m | 4.1875% Index-Linked (iii) | 2022 | |
| GBP 503m | 7.0% Fixed Rate (iii) | 2024 | |
| National Grid plc | CAD 200m | 4.98% Fixed Rate | 2011 |
| EUR 500m | 3.75% Fixed Rate | 2008 | |
| EUR 1,000m | 4.125% Fixed Rate | 2013 | |
| EUR 600m | 5.0% Fixed Rate | 2018 | |
| EUR 500m | 4.375% Fixed Rate | 2020 | |
| EUR 600m | Floating Rate | 2010 | |
| EUR 300m | Floating Rate (iv) | 2008 | |
| EUR 750m | Floating Rate | 2012 | |
| EUR 300m | Floating Rate | 2009 | |
| EUR 450m | Floating Rate | 2008 | |
| EUR 100m | 3.25% Fixed Rate | 2009 | |
| GBP 300m | 5.25% Fixed Rate | 2011 | |
| GBP 250m | 5.5% Fixed Rate | 2013 | |
| USD 1,000m | 6.3% Fixed Rate | 2016 | |
| USD 100m | Floating Rate | 2011 | |
| NGG Finance plc | EUR 750m | 6.125% Fixed Rate | 2011 |
| Niagara Mohawk Power Corporation |
USD 200m | 8.875% Senior Notes (iv) | 2007 |
| USD 600m | 7.75% Senior Notes | 2008 | |
| USD 116m | 7.2% Tax-Exempt First Mortgage Bonds (v) | 2029 |
(i) These bonds were acquired as part of the KeySpan acquisition in August 2007.
(ii) Issued during the year ended 31 March 2008.
(iii) The bonds were transferred from National Grid Gas Holdings plc to National Grid Gas plc during the year.
(iv) Matured during the year ended 31 March 2008.
(v) Secured against the assets of Niagara Mohawk Power Corporation.
| Issuer | Original Notional Value | Description of instrument | Due |
|---|---|---|---|
| Bank loans and other loans | |||
| National Grid plc | USD 150m | Floating Rate (i) | 2011 |
| National Grid Grain LNG Limited | GBP 120m | Floating Rate | 2014 |
| GBP 140m | Floating Rate (i) | 2023 | |
| National Grid Electricity Transmission plc |
GBP 200m | Floating Rate | 2012 |
| GBP 200m | Floating Rate | 2017 | |
| National Grid Gas plc | GBP 200m | Floating Rate | 2012 |
| GBP 180m | 1.88% Retail Price Index-Linked | 2022 | |
| GBP 190m | 2.14% Retail Price Index-Linked (i) | 2022 | |
| JPY 10,000m | 4.31% Fixed Rate | 2029 | |
| JPY 10,000m | 4.63% Fixed Rate | 2029 | |
| National Grid USA | EUR 100m | Floating Rate (i) | 2011 |
| USD 150m | Floating Rate (i) | 2011 |
(i) Issued during the year ended 31 March 2008.
No significant bonds have been announced to the market prior to 31 March 2008 but not issued until after that date. However, the following bonds and loans have been issued since 31 March 2008:
| Issuer | Original Notional Value | Description of instrument | Due |
|---|---|---|---|
| Bonds and loans issued after 31 March 2008 | |||
| National Grid plc | USD 150m | Floating Rate | 2011 |
| National Grid Gas plc | EUR 750m | 5.125% Fixed Rate | 2013 |
| GBP 300m | 6.00% Fixed Rate | 2038 |
Borrowing facilities
At 31 March 2008, there were bilateral committed credit facilities of £1,315m (2007: £1,290m), of which £1,235m (2007: £1,290m) were undrawn. In addition, there were committed credit facilities from syndicates of banks of £1,628m at 31 March 2008 (2007: £879m), of which £1,628m (2007: £879m) were undrawn. An analysis of the maturity of these undrawn committed facilities is shown below:
Undrawn committed borrowing facilities
| 2008 £m |
2007 £m |
|
|---|---|---|
| Expiring: | ||
| In one year or less | 756 | 762 |
| In more than one year, but not more than two years | 408 | – |
| In more than two years | 1,699 | 1,407 |
| 2,863 | 2,169 |
At 31 March 2008, of the unused facilities £2,747m (2007: £2,052m) was held as back-up to commercial paper and similar borrowings.