Davis Polk advised the joint book-running managers in connection with a debut Rule 144A/Regulation S offering of $400 million aggregate principal amount of 3.800% senior notes due 2047 by New England Power Company.
New England Power operates electricity transmission facilities and provides wholesale electricity to electric utility companies in Massachusetts, New Hampshire, Rhode Island and Vermont. New England Power is an indirect wholly owned subsidiary of National Grid USA, which in turn is an indirect wholly owned subsidiary of National Grid plc, an international electricity and natural gas delivery company based in the United Kingdom.
The Davis Polk corporate team included partner Reuven B. Young and associate Julian Veshi. Counsel Alon Gurfinkel and associate Veronica Orecharova provided tax advice. Counsel Loyti Cheng and associate Michael Comstock provided environmental advice. Members of the Davis Polk team are based in the London and New York offices.