Published on 9/25/2014 in the Prospect News High Yield Daily.
New Issue: DPL prices $200 million five-year notes at par to yield 6¾%
By Paul A. Harris
Portland, Ore., Sept. 25 – DPL Inc. priced a $200 million issue of non-callable five-year senior notes (Ba3/BB/BB) at par to yield 6¾% on Thursday, according to a syndicate source.
The yield printed 37.5 bps beyond the wide end of yield talk in the 6¼% area.
BofA Merrill Lynch and Morgan Stanley & Co. LLC were the joint bookrunners.
The Dayton, Ohio-based energy company plans to use the proceeds, along with cash on hand and/or the proceeds of other debt, to finance the tender offer for up to $280 million of its 6½% senior notes due 2016 and for general corporate purposes.
| Issuer: | DPL Inc.
|
| Amount: | $200 million
|
| Maturity: | Oct. 1, 2019
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Morgan Stanley & Co. LLC
|
| Co-managers: | U.S. Bancorp Investments Inc., PNC Capital Markets LLC, Fifth Third Securities Inc., Huntington Investment Co., Regions Securities LLC, BMO Capital Markets
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 497 bps
|
| Call protection: | Non-callable (par call one month prior to maturity)
|
| Trade date: | Sept. 25
|
| Settlement date: | Oct. 6
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 6¼% area
|
| Marketing: | Roadshow
|
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