By Andrea Heisinger
New York, Jan. 12 - Indiana Michigan Power Co. priced $475 million of 7% 10-year notes Monday to yield Treasuries plus 475 basis points, market sources said.
The notes priced at the tight end of price talk, a source said, which was 475 bps to 487.5 bps over Treasuries.
The notes (Baa2/BBB/BBB) priced at 99.326 to yield 7.096%. There is a make-whole call of Treasuries plus 50 bps.
Bookrunners were BNP Paribas Securities, Banc of America Securities LLC and Credit Suisse Securities.
Co-managers were KeyBanc Capital Markets, Mitsubishi UFJ Securities and RBS Greenwich Capital.
The subsidiary of American Electric Power is based in Fort Wayne, Ind.
| Issuer: | Indiana Michigan Power Co.
|
| Issue: | Senior notes
|
| Amount: | $475 million
|
| Maturity: | March 15, 2019
|
| Bookrunners: | BNP Paribas Securities, Banc of America Securities LLC, Credit Suisse Securities
|
| Co-managers: | KeyBanc Capital Markets, Mitsubishi UFJ Securities, RBS Greenwich Capital
|
| Coupon: | 7%
|
| Price: | 99.326
|
| Yield: | 7.096%
|
| Spread: | Treasuries plus 475 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Jan. 12
|
| Settlement date: | Jan. 15
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Price talk: | 475 bps to 487.5 bps
|
© 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.
