RLPC-NGN signs 200 mln stg forward start loan

LONDON, July 6 (Reuters) - British gas distribution firm Northern Gas Networks Ltd said on Monday it had signed a 200 million pound ($325.4 million) forward start loan, extending the maturity of a portion of its debt by two years. Forward start facilities allow borrowers to lock in loans ahead of maturity in return for increased margins and fees. The forward start will become effective as soon as existing facilities are repaid in full or on June 1, 2010 -- extending the maturity out to August 2012. The new financing was arranged by Barclays, Lloyds TSB, Royal Bank of Canada and Royal Bank of Scotland. "We are very pleased to have received the support of four leading banks in completing this portion of our refinancing strategy," NGN Chief Executive Basil Scarsella said. In June, NGN launched a 10-year, 200 million pounds bond as part of its strategy to diversify its financings in favour of longer-dated debt. NGN is owned by a consortium of four companies: Cheung Kong Infrastructure Holding Ltd, Hong Kong Electric Holdings Ltd, United Utilities Plc and SAS Trustee Corporation. (Reporting by Alasdair Reilly; Editing by David Holmes) ($1=.6147 Pound) Keywords: NORTHERNGAS/LOAN ([e-mail]; [phone]; Reuters Messaging: [e-mail]) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.