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Published on 9/23/2020 in the Prospect News Investment Grade Daily.

New Issue: New York State Electric & Gas sells $200 million 1.95% 10-year notes at 130 bps spread

By Cristal Cody

Tupelo, Miss., Sept. 23 – New York State Electric & Gas Corp. sold $200 million of 1.95% 10-year senior notes (A3/A-/A-) on Wednesday at a spread of Treasuries plus 130 basis points, according to a market source.

Initial price talk was in the Treasuries plus 150 bps area.

Credit Agricole Securities (USA) Inc., Mizuho Securities USA Inc. and NatWest Markets Securities Inc. were the bookrunners.

The energy utility is based in Binghamton, N.Y.

Issuer:New York State Electric & Gas Corp.
Amount:$200 million
Description:Senior notes
Maturity:Oct. 1, 2030
Bookrunners:Credit Agricole Securities (USA) Inc., Mizuho Securities USA Inc. and NatWest Markets Securities Inc.
Coupon:1.95%
Spread:Treasuries plus 130 bps
Trade date:Sept. 23
Ratings:Moody’s: A3
S&P: A-
Fitch: A-
Price guidance:Treasuries plus 150 bps area

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