Debt information

Long term debt portfolio

National Grid’s long term debt portfolio mainly consists of bonds issued under the following entities:

Debt Profile Groups	Issuing Entities
1. National Grid/NGGF	National Grid plc NGG Finance plc
2. NGUSA Operating Companies	Niagara Mohawk Power Company Massachusetts Electric Company The Narragansett Electric Company New England Power Company Granite State Electricity Company KeySpan Corp companies
3. NGET	National Grid Electricity Transmission plc
4. Grain LNG	Grain LNG
5. National Grid Gas plc	British Transco International Finance British Transco Finance Inc British Transco Finance (no 3)
6. NGUSA/NGHI	Non-operating companies

Debt is issued in a variety of currencies. Bonds are issued in either dollars or sterling, which are swapped back into dollars and/or sterling. All non-sterling bonds issued in the National Grid Electricity Transmission and National Grid Gas groups are swapped back into sterling.

The long term debt maturity portfolio ranges out to 50yrs.

National Grid long term debt maturity profile 31/03/2012

The indicative exchange rate used is USD/GBP = 1.6

The x axis states the financial year the debt matures, whilst the y axis states the outstanding level of debt in sterling millions maturing.

The bar chart above, illustrates our long term debt portfolio, highlights that we have long term debt maturing in the majority of the financial years out to 2056/2057. On average there are higher levels of debt maturities in the financial years until 2014/2015 than in later years. For the years to 2014/2015 the level of debt maturing in each financial year ranges from c. £1bn to c. £1.9bn. For the later years the level of debt maturing in each financial year ranges from zero to c. £1.5bn.

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