Notes to the consolidated financial statements - supplementary information
34. Bonds and facilities
The table below shows our significant bonds in issue, being those with £100m equivalent notional value or greater. Unless otherwise indicated, these instruments were outstanding at both 31 March 2010 and 31 March 2009.
| 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 (i) | 2009 |
| USD 1,500m | Zero Coupon Bond | 2021 | |
| Brooklyn Union Gas Company | USD 153m | NYSERDA 4.7% GFRB’s Series 1996 | 2021 |
| USD 400m | KEDNY 5.6% Senior Unsecured Note | 2016 | |
| KeySpan Corporation | USD 700m | KeySpan MTN 7.625% | 2010 |
| USD 250m | KeySpan MTN 8.00% | 2030 | |
| 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 | USD 400m | KeySpan 7.875% Gas East MTN Program (i) | 2010 |
| (National Grid Energy Delivery Long Island) | |||
| Massachusetts Electric Company | USD 800m | 5.90% Fixed Rate (ii) | 2039 |
| National Grid Electricity Transmission plc | EUR 600m | 6.625% Fixed Rate | 2014 |
| 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 200m | 1.6449% Retail Price Index Linked | 2036 | |
| GBP 150m | 1.823% Retail Price Index Linked | 2056 | |
| GBP 150m | 1.8575% Index Linked | 2039 | |
| GBP 379m | 7.375% Fixed Rate | 2031 | |
| National Grid Gas plc | GBP 300m | 5.375% Fixed Rate (i) | 2009 |
| GBP 300m | 6.0% Fixed Rate | 2017 | |
| GBP 275m | 8.75% Fixed Rate | 2025 | |
| 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 100m | 1.9158% Index Linked | 2037 | |
| GBP 100m | 1.7762% Index Linked | 2037 | |
| GBP 100m | 1.7744% Index Linked | 2039 | |
| GBP 100m | 1.8625% Index Linked | 2039 | |
| GBP 484m | 6.375% Fixed Rate | 2020 | |
| GBP 503m | Floating Rate (i) | 2009 | |
| GBP 503m | 4.1875% Index Linked | 2022 | |
| GBP 503m | 7.0% Fixed Rate | 2024 | |
| EUR 800m | 5.125% Fixed Rate | 2013 | |
| EUR 163m | 4.36% EUR-HICP Linked | 2018 | |
| GBP 457m | 6.0% Fixed Rate | 2038 | |
| National Grid plc | CAD 200m | 4.98% Fixed Rate | 2011 |
| 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 750m | Floating Rate | 2012 | |
| EUR 300m | Floating Rate (i) | 2009 | |
| GBP 300m | 5.25% Fixed Rate | 2011 | |
| GBP 310m | 5.5% Fixed Rate | 2013 | |
| USD 1,000m | 6.3% Fixed Rate | 2016 | |
| EUR 578m | 6.5% Fixed Rate | 2014 | |
| GBP 414m | 6.125% Fixed Rate | 2014 | |
| NGG Finance plc | EUR 750m | 6.125% Fixed Rate | 2011 |
| Niagara Mohawk Power Corporation | USD 750m | 4.881% Fixed Rate (ii) | 2019 |
| USD 500m | 3.553% Fixed Rate (ii) | 2014 | |
| The Narragansett Electric Company | USD 250m | 4.534% Fixed Rate (ii) | 2020 |
| USD 300m | 5.638% Fixed Rate (ii) | 2040 | |
| Bank loans and other loans | |||
| National Grid plc | USD 250m | Floating Rate | 2014 |
| USD 150m | Floating Rate | 2014 | |
| USD 150m | Floating Rate (i) | 2011 | |
| USD 200m | Floating Rate | 2010 | |
| National Grid Grain LNG Limited | GBP 120m | Floating Rate | 2014 |
| GBP 140m | Floating Rate | 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 | 2022 | |
| National Grid USA | USD 150m | Floating Rate | 2011 |
| National Grid Holdings Limited | GBP 250m | 4.13794% Fixed Rate | 2011 |
| NGT Five Limited | GBP 500m | 5.917% Index Linked (i) | 2013 |
- (i)
- Matured or repurchased during the year ended 31 March 2010.
- (ii)
- Issued during the year ended 31 March 2010.
The following bonds and loans have been issued since 31 March 2010:
| Issuer | Original Notional Value | Description of instrument | Due |
|---|---|---|---|
| Bonds and loans issued after 31 March 2010 | |||
| National Grid Gas plc | GBP 180m | Index Linked (i) | 2024 |
- (i)
- Of this loan agreement a further £120m is expected to be drawn by 30 June 2010.
Borrowing facilities
At 31 March 2010, there were bilateral committed credit facilities of £2,279m (2009: £1,273m), of which £2,189m (2009: £1,180m) were undrawn. In addition, there were committed credit facilities from syndicates of banks of £833m at 31 March 2010 (2009: £1,796m), of which £833m (2009: £1,796m) were undrawn. An analysis of the maturity of these undrawn committed facilities is shown below:
| 2010 £m | 2009 £m |
|
|---|---|---|
| Undrawn committed borrowing facilities expiring: | ||
| In one year or less | 1,708 | 1,155 |
| In more than one year, but not more than two years | 1,314 | 1,820 |
| 3,022 | 2,975 |
At 31 March 2010, of the unused facilities £2,673m (2009: £2,816m) was held as back up to commercial paper and similar borrowings, while £349m is available as back up to specific US borrowings.