Published on 8/8/2018 in the Prospect News Investment Grade Daily.
New Issue: Oncor Electric prices $800 million 10-, 30-year senior secured notes
By Cristal Cody
Tupelo, Miss., Aug. 8 – Oncor Electric Delivery Co. LLC priced $800 million of senior secured notes (A2/A+/A) in two tranches on Tuesday, according to a market source.
The company sold $350 million of 3.7% 10-year notes with a Treasuries plus 73 basis points spread, on the tight side of guidance in the Treasuries plus 75 bps area, plus or minus 2 bps.
It also priced $450 million of 4.1% 30-year notes at a spread of 98 bps over Treasuries. The notes were guided to price in the Treasuries plus 100 bps area, plus or minus 2 bps.
Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC were the active bookrunners. Passives included MUFG, PNC Capital Markets LLC, SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC.
Oncor Electric Delivery is an electric company based in Dallas.
| Issuer: | Oncor Electric Delivery Co. LLC
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| Amount: | $800 million
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| Description: | Senior secured notes
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| Bookrunners: | Barclays, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC (active); MUFG, PNC Capital Markets LLC, SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC (passive)
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| Trade date: | Aug. 7
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| Ratings: | Moody’s: A2
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| S&P: A+
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| Fitch: A
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| Ten-year notes
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| Amount: | $350 million
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| Maturity: | Nov. 15, 2028
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| Coupon: | 3.7%
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| Spread: | Treasuries plus 73 bps
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| Price guidance: | Treasuries plus 75 bps area, plus or minus 2 bps; initial price talk at Treasuries plus 95 bps area
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| Thirty-year notes
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| Amount: | $450 million
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| Maturity: | Nov. 15, 2048
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| Coupon: | 4.1%
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| Spread: | Treasuries plus 98 bps
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| Price guidance: | Treasuries plus 100 bps area, plus or minus 2 bps; initial price talk at Treasuries plus 120 bps area
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