By Andrea Heisinger
New York, May 11 - Detroit Edison Co. sold $250 million of 3.9% 10-year general and refunding mortgage bonds on Wednesday to yield 77 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The bonds (A2/A/A-) were priced at 99.735 to yield 3.932%. They have a make-whole call of Treasuries plus 15 bps before March 1, 2021 and then are callable at par.
J.P. Morgan Securities LLC, RBS Securities Inc. and UBS Securities LLC were the bookrunners.
Co-managers were BNY Mellon Capital Markets LLC, Comerica Securities and Mitsubishi UFJ Securities International plc.
Proceeds are being used for general corporate purposes.
The electric utility is based in Detroit.
| Issuer: | Detroit Edison Co.
|
| Issue: | General and refunding mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | June 1, 2021
|
| Bookrunners: | J.P. Morgan Securities LLC, RBS Securities Inc., UBS Securities LLC
|
| Co-managers: | BNY Mellon Capital Markets LLC, Comerica Securities, Mitsubishi UFJ Securities International plc
|
| Coupon: | 3.9%
|
| Price: | 99.735
|
| Yield: | 3.932%
|
| Spread: | Treasuries plus 77 bps
|
| Call: | Make-whole at 15 bps over Treasuries before March 1, 2021, then at par
|
| Trade date: | May 11
|
| Settlement date: | May 18
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A-
|
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