Global law firm White & Case LLP has advised Barclays Bank PLC and J.P. Morgan Securities plc acting as joint sponsors, joint global coordinators, joint bookrunners and underwriters on a fully underwritten £7 billion rights issue by National Grid plc – the largest rights issue in the UK since 2010.
National Grid, a FTSE 100 listed company, owns and operates electricity transmission and distribution infrastructure in the UK and electricity transmission and gas and electricity distribution infrastructure in the US.
The net proceeds of the rights issue will principally be used to fund a higher-growth investment phase for National Grid, with around £60 billion of capital investment expected during the five-year period from full year 2025 to full year 2029.
The White & Case team which advised on the transaction was led by partners Jonathan Parry and Laura Sizemore (both London) and included partner Inigo Esteve (London), counsel Bob Lehner (Chicago) and associates George Davie, Greg Brown and Tarang Nagar (all London).
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