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NatGrid: Will Refi Early Call Perps; Issue Later In 5yr Period

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NatGrid: Perps

They will issue Perps LATER in the 5 yr period.


  • £750m will be used in the near term to refi upcoming calls.
  • “Hybrid capital: we expect to utilise further hybrid debt issuances later in the 5-year period to maintain balance sheet strength and enable investment flexibility”
  • “senior debt and FUTURE hybrid issuance to maintain balance sheet strength and investment flexibility”
  • “ 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.”
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