By Taylor Fox
New York, March 19 – NorthWestern Corp., which does business as NorthWestern Energy, priced $100 million of 1% three-year first mortgage bonds (A3/A-) on Friday, according to an FWP filing with the Securities and Exchange Commission.
The bonds priced at 99.915 to yield 1.029%, or 70 basis points over Treasuries.
KeyBanc Capital Markets Inc. and RBC Capital Markets, LLC are the joint bookrunning managers.
As previously reported, proceeds will be used to repay in full the company’s $100 million term loan due April 2021. The term loan proceeds were used to pay down a portion of its outstanding revolver and for general corporate purposes.
The issuer is an electricity and natural gas provider based in Sioux Falls, S.D.
| Issuer: | NorthWestern Corp.
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| Issue: | First mortgage bonds
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| Amount: | $100 million
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| Maturity: | March 26, 2024
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| Bookrunners: | KeyBanc Capital Markets Inc. and RBC Capital Markets, LLC
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| Coupon: | 1%
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| Price: | 99.915
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| Yield: | 1.029%
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| Spread: | 70 bps over Treasuries
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| Call: | At par on or after March 26, 2022
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| Pricing date: | March 19
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| Settlement date: | March 26
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| Expected ratings: | Moody’s: A3
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| S&P: A-
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