Davis Polk advised the joint book-running managers in connection with a Rule 144A/Regulation S offering of $600 million aggregate principal amount of 1.960% senior green notes due 2030, the issuer’s first green bond and $500 million aggregate principal amount of 3.025% senior notes due 2050 by Niagara Mohawk Power Corporation.

Based in Syracuse, New York, Niagara Mohawk distributes electricity to approximately 1.7 million customers and natural gas to approximately 600,000 customers in upstate New York. Niagara Mohawk 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 company based in the United Kingdom.

The Davis Polk corporate team included partner Reuven B. Young and associate Tanu Sinha. Counsel Alon Gurfinkel and associate Summer Xia 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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