By Paul A. Harris
Portland, Ore., June 17 – DPL Inc. priced a $415 million issue of five-year senior bullet notes (Ba1/BB) at par to yield 4 1/8% on Wednesday, according to market sources.
Bookrunners were J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc.
The yield printed at the tight end of yield talk in the 4¼% area.
The bonds were par 1/8 bid, par 3/8 offered late Wednesday afternoon, a trader said.
The Dayton, Ohio-based electricity generator, a subsidiary of AES Corp., plans to use the proceeds to redeem notes due in 2021.
| Issuer: | DPL Inc.
|
| Amount: | $415 million
|
| Maturity: | July 1, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, PNC Capital Markets LLC, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc.
|
| Coupon: | 4 1/8%
|
| Price: | Par
|
| Yield: | 4 1/8%
|
| Spread: | 379 bps
|
| Call protection: | Non-callable
|
| Trade date: | June 17
|
| Settlement date: | June 19
|
| Ratings: | Moody's: Ba1
|
| S&P: BB
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 4¼% area
|
| Marketing: | Drive-by
|
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