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Published on 1/12/2024 in the Prospect News Investment Grade Daily.

New Issue: Niagara Mohawk prices $1.2 billion of notes due 2034, 2054

By Cristal Cody

Chicago, Jan. 12 – Niagara Mohawk Power Corp. priced $1.2 billion of notes due 2034 and 2054, according to a market source regarding the Thursday-pricing deal.

The two-tranche deal came as a $500 million 10-year note with a 5.29% coupon, priced at Treasuries plus 130 basis points. Price talk started 30 bps higher, in the 160 bps area.

The second tranche priced as $700 million of 5.66% notes at Treasuries plus 145 bps. Talk started in the 180 bps area.

Bank of China, MUFG Securities Americas Inc., J.P. Morgan Securities LLC, Lloyds Securities Inc., SMBC Nikko Securities America Inc., TD Securities (USA) LLC and UBS Securities LLC were the bookrunners.

The New York electric utility company is a subsidiary of National Grid plc.

Issuer:Niagara Mohawk Power Corp.
Amount:$1.2 billion
Issue:Notes
Bookrunners:Bank of China, MUFG Securities Americas Inc., J.P. Morgan Securities LLC, Lloyds Securities Inc., SMBC Nikko Securities America Inc., TD Securities (USA) LLC and UBS Securities LLC
Trade date:Jan. 11
Ratings:Moody’s: Baa1
S&P: BBB+
2034 notes
Amount:$500 million
Maturity:Jan. 17, 2034
Coupon:5.29%
Spread:Treasuries plus 130 bps
Price talk:Treasuries plus 160 bps area
2054
Amount:$700 million
Maturity:Jan. 17, 2054
Coupon:5.66%
Spread:Treasuries plus 145 bps
Price talk:Treasuries plus 180 bps area

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