By Lisa Kerner
Charlotte, N.C., April 5 - Madison Gas and Electric Co. sold $28 million of 4.38% senior notes due April 1, 2042 in a private placement to Thrivent Financial for Lutherans on Monday, according to an 8-K filing with the Securities and Exchange Commission.
Proceeds were used to redeem and retire the series 2002A Wisconsin industrial development revenue refunding bonds issued through the City of Madison, the filing said.
The notes have a make-whole call at Treasuries plus 50 basis points.
Under the note purchase agreement, Madison Gas and Electric is required to maintain a ratio of consolidated debt to consolidated total capitalization not to exceed 65%.
Madison Gas and Electric is a subsidiary of MGE Energy, Inc., a public utility holding company based in Madison, Wis.
| Issuer: | Madison Gas and Electric Co.
|
| Issue: | Senior notes
|
| Amount: | $28 million
|
| Maturity: | April 1, 2042
|
| Coupon: | 4.38%
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Settlement date: | April 2
|
| Distribution: | Private placement
|
| Purchaser: | Thrivent Financial for Lutherans
|
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