New Issue: Energy Future prices upsized $500 million 10-year secured notes at par to yield 10%

By Paul A. Harris

St. Louis, Jan. 7 - Energy Future Holdings Corp. priced an upsized $500 million issue of 10-year senior secured notes (Caa3/B+/) at par to yield 10% on Thursday, according to an informed source.

The yield printed at the tight end of the 10% to 10¼% yield talk.

Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities Inc. and Credit Suisse Securities were joint bookrunners for the issue, which was upsized from $300 million.

Proceeds will be used for general or other corporate purposes, which may include working capital, investment in business initiatives, capital expenditures and debt repayment.

The issuer is a Dallas-based energy holding company.

Issuer:	Energy Future Holdings Corp.
Amount:	$500 million, increased from $300 million
Maturity:	Jan. 15, 2020
Securities:	Senior secured notes
Bookrunners:	Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities Inc., Credit Suisse Securities
Coupon:	10%
Price:	Par
Yield:	10%
Spread:	618 bps
Call features:	Make-whole at Treasuries plus 50 bps until Jan. 15, 2015, then callable at 105.0, 103.33, 101.67, par on and after Jan. 15, 2018
Equity clawback:	35% at 110.0 until Jan. 15, 2013
Trade date:	Jan. 7
Settlement date:	Jan. 12
Ratings:	Moody's: Caa3
	Standard & Poor's: B+
Distribution:	Rule 144A/Regulation S
Price talk:	10% to 10¼%

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