Published on 9/8/2010 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.
New Issue: Duquesne Light prices $450 million split-rated 10-year notes at 99.272 to yield 6.5%
By Paul A. Harris
St. Louis, Sept. 8 - Duquesne Light Holdings priced a $450 million issue of split-rated 10-year notes (Ba1/BBB-) at 99.272 to yield 6.5%, on Wednesday, according to an informed source.
Barclays Capital, Bank of America Merrill Lynch and Scotia Capital managed the quick-to-market sale, which was transacted on the investment-grade desk.
Proceeds will be used to refinance a portion of the Pittsburgh-based utility's A and B term loans.
| Issuer: | Duquesne Light Holdings
|
| Amount: | $450 million
|
| Proceeds: | $446.724 million
|
| Maturity: | 2020
|
| Securities: | Senior notes
|
| Managers: | Barclays Capital, Bank of America Merrill Lynch, Scotia Capital
|
| Price: | 99.272
|
| Yield: | 6.5%
|
| Trade date: | Sept. 8
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BBB-
|
| Distribution: | Rule 144A
|
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