By Paul A. Harris
Portland, Ore., Feb. 23 - Energy Future Holdings Corp., the parent of TXU Energy, priced an upsized $350 million add-on to its senior secured second-lien notes due March 1, 2022 (Caa3/CC/) at par to yield 11¾% on Thursday, according to a market source.
Goldman Sachs & Co., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Credit Suisse Securities (USA) LLC were the bookrunners for the quick-to-market deal, which was upsized from $200 million.
Proceeds will be used to fund a dividend.
The issuing entities are subsidiaries of Energy Future Holdings, a Dallas-based holding company engaged in competitive and regulated energy market activities, primarily in Texas. Its portfolio of competitive businesses consists primarily of TXU Energy, a retail electricity provider.
The original $800 million issue priced at 98.535 to yield 12% on Feb. 2.
| Issuer: | Energy Future Intermediate Holding Co. LLC and EFIH Finance Inc. (TXU Energy)
|
| Amount: | $350 million, increased from $200 million
|
| Maturity: | March 1, 2022
|
| Security description: | Add-on to 11¾% senior secured second-lien notes
|
| Bookrunners: | Goldman Sachs & Co., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC
|
| Coupon: | 11¾%
|
| Price: | Par
|
| Yield: | 11¾%
|
| First call: | March 1, 2017 at 105.875
|
| Equity clawback: | 35% at 111.75 until March 1, 2015
|
| Trade date: | Feb. 23
|
| Ratings: | Moody's: Caa3
|
| Standard & Poor's: CC
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Quick to market
|
| Original issue: | $800 issue priced at 98.535 to yield 12% on Feb. 2, 2012
|
| Total issue size: | $1.15 billion
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
