By Lisa Kerner
Charlotte, N.C., July 25 - Vectren Corp. subsidiary Vectren Utility Holdings, Inc. priced $150 million of 10-year 3.72% senior notes to be privately placed with various institutional investors.
The notes will be issued on Dec. 5.
Proceeds will be used to refinance existing debt that matures in 2013 and for general corporate purposes, according to a company news release.
"We are pleased to have been able to execute this offering to support our utility operations at a very attractive interest rate and also by the level of investor interest in this new VUHI long-term debt issue demonstrated by it being nearly 5 times oversubscribed," said Jerome A. Benkert, Jr., Vectren's executive vice president and chief financial officer.
The notes will not be registered under the Securities Act of 1933 or any state securities laws and will be offered or sold in the United States absent registration or an exemption from the registration requirements.
| Issuer: | Vectren Utility Holdings, Inc.
|
| Issue: | Senior notes
|
| Amount: | $150 million
|
| Coupon: | 3.72%
|
| Maturity: | Dec. 5, 2023
|
| Pricing date: | July 25
|
| Settlement date: | On or before Dec. 5
|
| Distribution: | Private placement
|
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