By Aleesia Forni
Virginia Beach, June 16 – Ipalco Enterprises Inc. priced $405 million of split-rated 3.45% five-year senior secured notes (Baa3/BB+/BB+) on Tuesday at Treasuries plus 180 basis points, according to an informed source.
Pricing was at 99.929 to yield 3.465%.
Proceeds will be used to fund a tender offer.
Bookrunners for the Rule 144A and Regulation S deal were J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC.
Ipalco is the holding company of Indianapolis Power & Light Co., a regulated electric utility engaged primarily in generating, transmitting, distributing and selling electric energy in Indiana.
| Issuer: | Ipalco Enterprises Inc.
|
| Amount: | $405 million
|
| Description: | Senior secured notes
|
| Maturity: | July 1, 2020
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Coupon: | 3.45%
|
| Price: | 99.929
|
| Yield: | 3.465%
|
| Spread: | Treasuries plus 180 bps
|
| Trade date: | June 16
|
| Settlement date: | June 25
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BB+
|
| Fitch: BB+
|
| Distribution: | Rule 144A, Regulation S
|
| Price guidance: | Treasuries plus 185 bps area
|
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