By Cristal Cody
Chicago, Sept. 23 – Ohio Edison Co. sold $300 million of 5.5% notes due Jan. 15, 2033 (//BBB+) on Thursday, a market source reported.
The notes priced at a 185 basis points spread to Treasuries on initial price talk in the 210 bps area.
MUFG, PNC Capital Markets LLC and RBC Capital Markets LLC are the bookrunners.
Proceeds will be used to repay borrowings outstanding under FirstEnergy Corp.'s regulated company money pool, to finance capital expenditures, to fund working capital and for general corporate purposes, according to Fitch Ratings.
The subsidiary of FirstEnergy Corp. is based in Akron, Ohio.
| Issuer: | Ohio Edison Co.
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| Amount: | $300 million
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| Issue: | Notes
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| Maturity: | Jan. 15, 2033
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| Bookrunners: | MUFG, PNC Capital Markets LLC and RBC Capital Markets LLC
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| Coupon: | 5.5%
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| Spread: | Treasuries plus 185 bps
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| Trade date: | Sept. 22
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| Rating: | Fitch: BBB+
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| Price talk: | Treasuries plus 210 bps area
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