By Mary-Katherine Stinson and Cristal Cody
Lexington, Ky., Nov. 22 – New England Power Co. sold $300 million of 5.936% 30-year notes (//A-) on Monday, according to a market source.
The notes priced at Treasuries plus 200 basis points after price talk in the Treasuries plus 230 bps area.
BofA Securities Inc., Credit Suisse Securities (USA) LLC and MUFG Securities Americas Inc. are the bookrunners.
Global fixed income investor calls had started last Wednesday for the Rule 144A and Regulation S deal.
Proceeds will be used for general corporate purposes, according to Fitch Ratings.
New England Power is a Waltham, Mass.-based electric utility and a subsidiary of National Grid plc.
Issuer: | New England Power Co.
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Amount: | $300 million
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Issue: | Notes
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Maturity: | Nov. 25, 2052
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Bookrunners: | BofA Securities Inc., Credit Suisse Securities (USA) LLC and MUFG Securities Americas Inc.
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Coupon: | 5.936%
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Spread: | Treasuries plus 200 bps
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Trade date: | Nov. 21
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Rating: | Fitch: A-
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Distribution: | Rule 144A and Regulation S
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Price talk: | Treasuries plus 230 bps area
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