By Lisa Kerner
Charlotte, N.C., Feb. 4 - Central Vermont Public Service Corp. agreed to sell $40 million principal amount of 5.89% first mortgage bonds, series WW, due June 15, 2041 to Metropolitan Life Insurance Co. and its affiliates, according to a form 8-K filed with the Securities and Exchange Commission.
The transaction is expected to close on or about June 15.
Under the terms of the Feb. 4 bond purchase agreement, Central Vermont may issue and sell up to an additional $60 million principal amount of the bonds in one or more series.
The notes have a make-whole call at Treasuries plus 50 basis points.
The Vermont Public Service Board approved the bond sale in November.
Central Vermont is an electric utility based in Rutland, Vt.
Issuer: | Central Vermont Public Service Corp.
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| Issue: | First mortgage bonds, series WW
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Amount: | $40 million
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Maturity: | June 15, 2041
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Coupon: | 5.89%
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Call option: | Make-whole at Treasuries plus 50 bps
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Pricing date: | Feb. 4
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Settlement date: | June 15
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Distribution: | Private placement
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Purchaser: | Metropolitan Life Insurance Co.
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