National Grid 2008 Annual Report Download - page 332

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 4649
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 126
Description: EXH 2(B).6.1
0/1730.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/730/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 4649
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 126 Description: EXH 2(B).6.1
0/1730.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/730/1*
debt becomes greater than 70 percent of total capitalization. At March 31, 2007 and 2006, the total long-term debt was
18 percent of total capitalization.
Niagara Mohawk
Substantially all of the Company’s operatin
g
properties are subject to mort
g
a
g
e liens securin
g
its mort
g
a
g
e debt. Several series
of First Mortgage Bonds were issued to secure a like amount of tax-exempt revenue bonds issued by the New York State
Energy Research and Development Authority (NYSERDA). Approximately $575 million of such securities bear interest at short-
term adjustable interest rates (with an option to convert to other rates, includin
g
a fixed interest rate) which avera
g
ed
3.41 percent for the year ended March 31, 2007and 3.20 percent for the year ended March 31, 2006. The bonds are currently
in the auction rate mode and are backed by bond insurance. Pursuant to a
g
reements between NYSERDA and the Company,
proceeds from such issues were used for the purpose of
F-41
At March 31
Series Rate % Maturit
y
2007 2006
(In thousands
)
First Mort
g
a
g
e Bonds:
7 3/4% 7.750 May 15, 2006 $ — $ 275,000
Senior Notes:
(1)
8 7/8% 8.875 May 15, 2007 200,000 200,000
7 3/4% 7.750 October 1, 2008 600,000 600,000
Tax Exem
p
t:
2013 Variable October 1, 2013 45,600 45,600
2015 Variable Jul
y
1, 2015 100,000 100,000
2023 Variable December 1, 2023 69,800 69,800
5.15%
(2)
5.150 November 1, 2025 75,000 75,000
2025 Variable December 1, 2025 75,000 75,000
2026 Variable December 1, 2026 50,000 50,000
2027 Variable March 1, 2027 25,760 25,760
2027 Variable Jul
y
1, 2027 93,200 93,200
2029 Variable July 1, 2029 115,705 115,705
Notes Payable:
(1)
NM Holdin
g
s Note 3.720 Jul
y
31, 2009 350,000 350,000
NM Holdings Note 3.830 June 30, 2010 350,000 350,000
NM Holdin
g
s Note 5.800 November 1, 2012 500,000 500,000
Unamortized discounts (871) (1,133)
Total long-term debt 2,649,194 2,923,932
Lon
g
-term debt due within one
y
ear 200,000 275,000
Total long-term debt, excluding current
portion
$ 2,449,194 $ 2,648,932
Notes:
(
1
)
Currentl
y
callable with make-whole
p
rovisions.
(2) Fixed rate pollution control revenue bonds first callable November 1, 2008 at 102%.