By Cristal Cody
Tupelo, Miss., July 24 – Narragansett Electric Co. (A3/A-) priced $350 million of 3.919% 10-year notes in a Rule 144A and Regulation S offering on Tuesday at a spread of 97 basis points over Treasuries, according to a market source.
The notes were initially talked to price in the Treasuries plus 115 bps spread area, with guidance later firmed to the Treasuries plus 100 bps area, plus or minus 3 bps.
Barclays, Morgan Stanley & Co. LLC and MUFG were the bookrunners.
The company held fixed income investor calls on Monday for the issue.
Narragansett Electric, a subsidiary of National Grid USA Service Co., Inc., is an electric and gas company based in Providence, R.I.
| Issuer: | Narragansett Electric Co.
|
| Amount: | $350 million
|
| Description: | Notes
|
| Maturity: | Aug. 1, 2028
|
| Bookrunners: | Barclays, Morgan Stanley & Co. LLC and MUFG
|
| Coupon: | 3.919%
|
| Spread: | Treasuries plus 97 bps
|
| Trade date: | July 24
|
| Ratings: | Moody’s: A3
|
| S&P: A-
|
| Distribution: | Rule 144A, Regulation S
|
| Marketing: | Fixed income investor calls
|
| Price guidance: | Treasuries plus 100 bps area, plus or minus 3 bps; initial price talk at Treasuries plus 115 bps area
|
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