New Issue: Cleveland Electric Illuminating sells $300 million 8.875% 10-year bonds at Treasuries plus 513.6 bps

By Andrea Heisinger

New York, Nov. 13 - Cleveland Electric Illuminating Co. priced $300 million 8.875% 10-year first mortgage bonds Thursday to yield Treasuries plus 513.6 basis points, market sources said.

The notes priced at par to yield 8.875%.

Bookrunners were Morgan Stanley & Co. Inc., J.P. Morgan Securities Inc. and Credit Suisse.

The utility is based in Cleveland.

Issuer:	Cleveland Electric Illuminating Co.
Issue:	First mortgage bonds
Amount:	$300 million
Maturity:	Nov. 15, 2018
Bookrunners:	Morgan Stanley & Co. Inc., J.P. Morgan Securities Inc., Credit Suisse
Coupon:	8.875%
Price:	Par
Yield:	8.875%
Spread:	Treasuries plus 513.6 bps
Trade date:	Nov. 13

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