By Andrea Heisinger
Omaha, April 1 - Union Electric Co., doing business as AmerenUE, priced $250 million 6% 10-year senior secured notes Tuesday to yield Treasuries plus 250 basis points, an informed source said.
The notes (A3/BBB/A+) priced at 99.698 to yield 6.041%. They have a make-whole redemption option of Treasuries plus 40 bps.
Bookrunners were Goldman Sachs & Co. and J.P. Morgan Securities Inc.
Co-managers were Lazard Capital Markets and Morgan Keegan & Co., Inc.
Proceeds will be used to repay a portion of short-term debt totaling $194 million, and pending that, will be invested in short-term interest-bearing instruments.
The subsidiary of energy services company Ameren Corp. is based in St. Louis.
| Issuer: | Union Electric Co., doing business as AmerenUE
|
| Issue: | Senior secured notes
|
| Amount: | $250 million
|
| Maturity: | April 1, 2018
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities Inc.
|
| Co-managers: | Lazard Capital Markets, Morgan Keegan & Co., Inc.
|
| Coupon: | 6%
|
| Price: | 99.698
|
| Yield: | 6.041%
|
| Spread: | Treasuries plus 250 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Trade date: | April 1
|
| Settlement date: | April 8
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB
|
| Fitch: A+
|
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