News releases
October 15, 2009 – 19:47
Security Trust Deed Arrangements
Security over Stored Gas
In July 2004 Centrica Storage Limited (CSL) entered into a Security Trust Deed and a Deed of Charge (the 2004 Security Documents), to provide customers with security for CSL's obligations under the Storage Service Contracts (SSCs). The security period under the 2004 Security Documents expired on 1 May 2009. Having considered its position and the interests of customers, CSL has decided to continue to offer its customers security and has been in discussions with Law Debenture Trustees Limited (LDTL) to agree new documentation to provide the security.
Therefore, on 14 October 2009, CSL and LDTL entered into a new Deed of Charge and Security Trust Deed (the 2009 Security Documents) and the security granted by CSL under the 2004 security arrangements has been released and will be replaced by the new security arrangements. The 2009 Security Documents are based on the 2004 Security Documents, though some amendments have been made, the most notable of which are: (i) allowing CSL to create second ranking security over gas in Rough (for the avoidance of doubt the charge in favour of customers created by the 2009 Security Documents will have priority over any security granted to a third party by CSL); and (ii) providing that the security period is an initial fixed period of two years, after which the security period will be extended for twelve month periods unless terminated by CSL. Copies of the 2009 Security Documents are available on the Centrica Storage website:
http://www.centrica-sl.co.uk/files/security_trust_deed_of_charge.pdf
http://www.centrica-sl.co.uk/files/security_trust_deed_executed_copy.pdf
Storage customers who wish to benefit from the new security arrangements are now invited to accede to the new Security Trust Deed
(see the link below for more details).
http://www.centrica-sl.co.uk/index.asp?pageid=27
Any persons or organisations that enter into further SSCs with CSL during the term of the new security arrangements will be entitled to accede to the benefit of the new security arrangements in the same way as existing storage customers.
Accession is, of course, entirely voluntary.
If you have any questions about the new security arrangements please contact Nick Lumley, General Counsel (on +44 (0) 1784 415350 or at Nick.Lumley@centrica-sl.co.uk) or James Lawson, Sales and Marketing (on +44 (0) 1784 415304 or at James.Lawson@centrica-sl.co.uk).
Centrica Storage Limited
15 October 2009
Registered office and corporate headquarters:
Centrica Storage Limited, Venture House, 42-54 London Road, Staines, Middlesex, TW18 4HF
Registered in England & Wales No. 3294124
VAT registration number: GB684966762
