National Grid plc | 3.60% Series Preferred Stock (NMK.PRB)
Prospectus excerpt: Niagara Mohawk Power Corp., 3.60% Series Cumulative Preferred Stock, par value $100 per share, redeemable any time at the company's option at $104.85 per share plus accrued and unpaid dividends, and not subject to mandatory redemption. Distributions of 3.60% ($3.60) per annum are paid quarterly on 3/31, 6/30, 9/30 & 12/31. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders. Niagara Mohawk Power Corp. is a wholly-owned subsidiary of National Grid Transco plc (NYSE: NGG) as of December 2001.
National Grid is a holding company. Through its subsidiaries, Co. is an energy utility. Co.'s business units include: U.K. electricity transmission (ET), in which Co. owns and operates the high-voltage ET network in England and Wales; U.K. electricity distribution, in which Co. owns ad operates the electricity distribution networks for the Midlands, the South West and South Wales; U.K. electricity system operator (ESO), in which Co. operates as the ESO across Great Britain; and New England, in which Co. owns and operates electricity transmission facilities and distribution networks across Massachusetts, New Hampshire and Vermont as well as gas distribution networks across Massachusetts.