By Paul A. Harris
St. Louis, June 2 - Monongahela Power Co. priced a quick-to-market issue of $120 million of 10-year notes (Ba1/BB-) Wednesday at 99.753 with a 6.7% coupon to yield 6.734%.
Citigroup ran the books on the Rule 144A issue. Scotia Capital was the co-manager.
Proceeds will be used to repay debt.
The issuer is a unit of Allegheny Energy Inc.
Issuer: | Monongahela Power Co.
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Amount: | $120 million
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Maturity: | June 15, 2014
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Security description: | First mortgage notes
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Bookrunner: | Citigroup
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Coupon: | 6.7%
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Price: | 99.753
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Yield: | 6.734%
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Spread: | 200 basis points
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Call protection: | Make-whole call at Treasuries plus 50 basis points
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Pricing date: | June 2
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Settlement date: | June 9
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Ratings: | Moody's: Ba1
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| Standard & Poor's: BB-
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