By Andrea Heisinger
New York, Sept. 3 - Oncor Electric Delivery priced $1.5 billion of Rule 144A bonds (Baa3/BBB+/BBB) in three tranches Wednesday, an informed source said.
The $650 million of 5.95% five-year notes priced at 99.866 to yield 5.982%, or Treasuries plus 305 basis points.
Price talk for the tranche was in the 305 bps area, with 5 bps leeway on either side, a source said.
The $550 million of 6.8% 10-year notes priced at 99.895 to yield 6.815%, or Treasuries plus 312.5 bps. The tranche priced in the middle of price talk of 310 bps to 315 bps.
The $300 million of 7.5% 30-year notes priced at 99.695 to yield 7.526%, or Treasuries plus 320 bps. This tranche priced at the tight end of price talk of 320 bps to 325 bps.
Bookrunners were Credit Suisse Securities, Goldman Sachs & Co., J.P. Morgan Securities Inc. and Lehman Brothers Inc.
The electric company is based in Fort Worth, Texas.
| Issuer: | Oncor Electric Delivery
|
| Issue: | Bonds
|
| Total amount: | $1.5 billion
|
| Bookrunners: | Credit Suisse Securities, Goldman Sachs & Co., J.P. Morgan Securities Inc. and Lehman Brothers Inc.
|
| Distribution: | Rule 144A
|
| Trade date: | Sept. 3
|
| Settlement date: | Sept. 8
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB+
|
| Fitch: BBB
|
|
|
| Five-year notes
|
| Amount: | $650 million
|
| Maturity: | Sept. 1, 2013
|
| Coupon: | 5.95%
|
| Price: | 99.866
|
| Yield: | 5.982%
|
| Spread: | Treasuries plus 305 bps
|
| Price talk: | 305 bps area
|
|
|
| 10-year notes
|
| Amount: | $550 million
|
| Maturity: | Sept. 1, 2018
|
| Coupon: | 6.8%
|
| Price: | 99.895
|
| Yield: | 6.815%
|
| Spread: | Treasuries plus 312.5 bps
|
| Price talk: | 310 to 315 bps
|
|
|
| 30-year notes
|
| Amount: | $300 million
|
| Maturity: | Sept. 1, 2038
|
| Coupon: | 7.5%
|
| Price: | 99.695
|
| Yield: | 7.526%
|
| Spread: | Treasuries plus 320 bps
|
| Price talk: | 320 to 325 bps
|
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