National Grid 2008 Annual Report Download - page 687

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 4578
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 160
Description: EXHIBIT 15.1
0/4356.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/356/4*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 4578
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 160 Description: EXHIBIT 15.1
0/4356.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/356/4*
Table of Contents
168
Notes to the consolidated financial statements continued
National Grid plc
35. Bonds and facilities continued
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:
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
At 31 March 2008, of the unused facilities £2,747m (2007: £2,052m) was held as back-up to commercial paper and similar
borrowings.
36. Share options and reward plans
We operate four principal forms of share option and share reward plans. These plans include an employee Sharesave scheme,
a Performance Share Plan (PSP), the Deferred Share Plan and the Retention Award Plans. In any 10 year period, the
maximum number of shares that may be issued or issuable pursuant to these share plans may not exceed the number of
shares representing 10% of the issued ordinary share capital.
Active share plans
The Sharesave scheme is savings-related where, under normal circumstances, share options are exercisable on completion of
a three and/or five year Save-As-You-Earn contract. The exercise price of options granted represents 80% of the market price
at the time of the invitation.
Under the PSP, awards have been made to Executive Directors and approximately 350 senior employees. Awards made in
2004 have lapsed. For awards made from 2005, the criteria was amended so that 50% is based on the Company’s Total
Shareholder Return (TSR) performance when compared to the FTSE 100 and 50% is based on the annualised growth of the
Company’s EPS compared to the growth in RPI (the general index of retail prices for all items). Awards are delivered in
National Grid plc shares.
Under the Deferred Share Plan, one half of any bonus earned by Executive Directors and a predetermined part of any bonus
earned by UK senior employees is automatically deferred into National Grid shares. The shares are held in trust for three years
before release.
Retention awards have been made to a small number of senior employees following the acquisition of KeySpan. Awards were
made in November 2007 in National Grid ADSs and will vest in three equal tranches over three years, provided the employee
remains employed by the Company. The Retention Awards are conditional share awards with no performance conditions
attached.
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 Floatin
g
Rate 2014
GBP 140m Floatin
g
Rate
(
i
)
2023
National Grid Electricit
y
Transmission
p
lc GBP 200m Floatin
g
Rate 2012
GBP 200m Floatin
g
Rate 2017
National Grid Gas
p
lc GBP 200m Floatin
g
Rate 2012
GBP 180m 1.88% Retail Price Inde
x
-Linked 2022
GBP 190m 2.14% Retail Price Inde
x
-Linked
(
i
)
2022
JPY 10,000m 4.31% Fixed Rate 2029
JPY 10,000m 4.63% Fixed Rate 2029
National Grid USA EUR 100m Floatin
g
Rate
(
i
)
2011
USD 150m Floating Rate (i) 2011
(i) Issued during the year ended 31 March 2008.
Issuer Original Notional Value Description of instrument Due
Bonds and loans issued after 31 March 2008
National Grid
p
lc USD 150m Floatin
g
Rate 2011
National Grid Gas
p
lc EUR 750m 5.125% Fixed Rate 2013
GBP 300m 6.00% Fixed Rate 2038
2008 2007
£m £m
Ex
p
irin
g
:
In one
y
ear or less 756 762
In more than one year, but not more than two years 408 –
In more than two
y
ears 1,699 1,407
2,863 2,169