By Aleesia Forni
Virginia Beach, Sept. 23 – Niagara Mohawk Power Corp. priced $900 million of senior notes (A2/A-/) in tranches due 2024 and 2034 on Monday, an informed source said.
The company sold $500 million of 3.508% notes due 2024 at Treasuries plus 95 basis points.
A second tranche was $400 million of 4.278% 20-year notes sold at Treasuries plus 100 bps.
The bookrunners were Mizuho Securities USA Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC and Wells Fargo Securities LLC.
The sale was done via Rule 144A and Regulation S.
The electric utility subsidiary of National Grid is based in Syracuse, N.Y.
| Issuer: | Niagara Mohawk Power Corp.
|
| Issue: | Senior notes
|
| Amount: | $900 million
|
| Bookrunners: | Mizuho Securities USA Inc., Goldman Sachs & Co., J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Trade date: | Sept. 22
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A-
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | Oct. 1, 2024
|
| Coupon: | 3.508%
|
| Spread: | Treasuries plus 95 bps
|
| Price talk: | Treasuries plus 100 bps area
|
|
|
| 20-year notes
|
| Amount: | $400 million
|
| Maturity: | Oct. 1, 2034
|
| Coupon: | 4.278%
|
| Spread: | Treasuries plus 100 bps
|
| Price talk: | Treasuries plus 105 bps area
|
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