New Issue: American Transmission sells $400 million 5.25% notes due 2022 at Treasuries plus 180 bps

By Andrea Heisinger

New York, Dec. 10 - American Transmission Systems Inc. priced $400 million of 5.25% senior unsecured notes due Jan. 15, 2022 on Thursday to yield Treasuries plus 180 basis points, an informed source said.

The notes (Baa1/BBB/) priced via Rule 144A at 99.914 to yield 5.259%. They have a make-whole call at Treasuries plus 30 bps.

Barclays Capital Inc., Goldman Sachs & Co. and J.P. Morgan Securities Inc. ran the books.

The subsidiary of electric utility FirstEnergy Corp. is based in Akron, Ohio.

Issuer:	American Transmission Systems, Inc.
Issue:	Senior unsecured notes
Amount:	$400 million
Maturity:	Jan. 15, 2022
Bookrunners:	Barclays Capital Inc., Goldman Sachs & Co., J.P. Morgan Securities Inc.
Coupon:	5.25%
Price:	99.914
Yield:	5.259%
Spread:	Treasuries plus 180 bps
Call:	Make-whole at Treasuries plus 30 bps
Distribution:	Rule 144A
Trade date:	Dec. 10
Settlement date:	Dec. 15
Ratings:	Moody's: Baa1
	Standard & Poor's: BBB

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