ScottishPower announced today that it has notified the New York Stock Exchange (the “NYSE”) of its intention to voluntarily delist the following series of its guaranteed debt securities, which are currently listed on the NYSE: (i) 4.910% notes due 2010 in the aggregate principal amount of $550 million; (ii) 5.375% notes due 2015 in the aggregate principal amount of $600 million; and (iii) 5.810% notes due 2025 in the aggregate principal amount of $350 million (collectively, the “Notes”), as well as to terminate the registration of the Notes and the reporting obligations of ScottishPower under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).
ScottishPower expects to file Form 25 with the U.S. Securities and Exchange Commission (the “SEC”) on or about July 5, 2007. ScottishPower reserves the right to delay the filing of the Form 25 or to withdraw such filing for any reason prior to its effectiveness. ScottishPower expects that the delisting will become effective 10 days after the filing of Form 25 and the deregistration will become effective 90 days after the filing of a Form 15F with respect to the Notes.
ScottishPower intends to list the Notes on a recognised stock exchange in the European Union prior to the next interest payment date on September 15, 2007. ScottishPower has not arranged for the listing of the Notes on another U.S. securities exchange or for the quotation of the Notes in a quotation medium in the United States.
ScottishPower’s decision to withdraw the Notes from listing on the NYSE and to terminate registration of the Notes under the Exchange Act was based on its determination that the administrative costs and burdens associated with maintaining the listing of the Notes on the NYSE and the registration of the Notes with the SEC exceed the benefits given the small number of U.S. holders of each series of Notes.
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