By Aleesia Forni
Virginia Beach, Va., Aug. 20 - DTE Electric Co. sold $400 million 3.65% general and refunding mortgage bonds (A1/A/A) due 2024 on Tuesday with a spread of Treasuries plus 87 basis points, according to a market source and a filing with the Securities and Exchange Commission.
The notes priced at the tight end of talk.
Pricing was at 99.591 to yield 3.697%.
BNP Paribas Securities Corp., BofA Merrill Lynch, Citigroup Global Markets Inc. and Scotia Capital (USA) Inc. were the joint bookrunners.
Proceeds will be used to repay $250 million of the company's outstanding 6.4% senior notes, which mature Oct. 1, 2013, and for the repayment of short-term borrowings.
The electric utility is based in Detroit.
| Issuer: | DTE Electric Co.
|
| Amount: | $400 million
|
| Maturity: | March 15, 2024
|
| Securities: | Series B general and refunding mortgage bonds
|
| Bookrunners: | BNP Paribas Securities Corp., BofA Merrill Lynch, Citigroup Global Markets Inc., Scotia Capital (USA) Inc.
|
| Co-managers: | Comerica Securities Inc., KeyBank Capital Markets Inc., Mitsubishi UFJ Securities (USA) Inc., UBS Securities LLC
|
| Coupon: | 3.65%
|
| Price: | 99.591
|
| Yield: | 3.697%
|
| Spread: | Treasuries plus 87 bps
|
| Make-whole call: | Prior to Dec. 15, 2023 at Treasuries plus 15 bps
|
| Par call: | On or after Dec. 15, 2023
|
| Trade date: | Aug. 20
|
| Settlement date: | Aug. 27
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Fitch: A
|
| Price talk: | Treasuries plus 90 bps area
|
| Distribution: | SEC registered
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
