By Aleesia Forni
Virginia Beach, Va., Sept. 3 - Duke Energy Ohio, Inc. sold $450 million of first mortgage bonds in two parts, according to an informed source and a filing with the Securities and Exchange Commission.
The company sold $150 million floating-rate first mortgage bonds due 2015 at par to yield Libor plus 14 basis points.
There was also a $300 million tranche 3.8% of first mortgage bonds due 2023 priced with a spread of Treasuries plus 95 bps.
The notes sold at 99.967 to yield 3.804%.
Barclays, RBS Securities and UBS Investment Bank were the joint bookrunners.
Proceeds from the sale will be used for general corporate purposes, including the repayment of short-term notes.
The electric subsidiary of Duke Energy Corp. is based in Cincinnati.
| Issuer: | Duke Energy Ohio Inc.
|
| Amount: | $450 million
|
| Bookrunners: | Barclays, RBS Securities, UBS Investment Bank
|
| Trade date: | Sept. 3
|
| Settlement date: | Sept. 6
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
|
|
| Floating-rate 1.5-year notes
|
| Amount: | $150 million
|
| Securities: | Floating-rate first mortgage bond
|
| Maturity: | March 6, 2015
|
| Coupon: | Libor plus 14 bps
|
| Price: | Par
|
| Yield: | Libor plus 14 bps
|
|
|
| Fixed-rate 10-year notes
|
| Amount: | $300 million
|
| Securities: | Fixed-rate first mortgage bond
|
| Maturity: | Sept. 1, 2023
|
| Coupon: | 3.8%
|
| Price: | 99.967
|
| Yield: | 3.804%
|
| Spread: | Treasuries plus 95 bps
|
| Make-whole call: | Before June | 1, 2023, redeemable in whole or in part at the greater of par or Treasuries plus 15 bps, then callable at par
|
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