Davis Polk advised the joint book-running managers in connection with separate and concurrent Rule 144A/Regulation S offerings of $700 million aggregate principal amount of 2.742% senior notes due 2026 by KeySpan Gas East Corporation (“KeySpan”) and $500 million aggregate principal amount of 4.004% senior notes due 2046 by Massachusetts Electric Company (“Massachusetts Electric”), each an operating subsidiary of National Grid plc.

KeySpan owns and operates natural gas distribution and storage systems and provides natural gas to approximately 560,000 residential, commercial and industrial customers located in Nassau and Suffolk counties in Long Island, New York, and the Rockaway Peninsula in a portion of Queens, New York. Massachusetts Electric distributes electricity to approximately 1.3 million customers throughout Massachusetts. KeySpan and Massachusetts Electric are indirect wholly owned subsidiaries of National Grid USA, which in turn is an indirect wholly owned subsidiary of National Grid plc, an international electricity and natural gas company based in the United Kingdom.

The Davis Polk corporate team included partner Reuven B. Young and associates Michael D. Arena, Jason P. Thompson and Maxim Van de moortel. Partner John D. Paton and associates Veronica Orecharova and Nicholas A. Machen 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.

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