By Andrea Heisinger
New York, Oct. 16 - Ohio Edison Co. priced $275 million of 8.25% 30-year first mortgage bonds Wednesday to yield Treasuries plus 427.3 basis points, according to an FWP filing with the Securities and Exchange Commission.
The bonds (Baa1/BBB+/) priced at 97.303 to yield 8.5%. They have a make-whole redemption option of Treasuries plus 50 bps.
Bookrunners were Barclays Capital Inc., Credit Suisse Securities, J.P. Morgan Securities Inc., Morgan Stanley & Co., Inc., RBS Greenwich Capital and Scotia Capital.
Co-managers were Mizuho Securities and SunTrust Robinson Humphrey.
Proceeds will be used for capital expenditures and general corporate purposes.
The subsidiary of FirstEnergy Corp. is based in Akron, Ohio.
| Issuer: | Ohio Edison Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $275 million
|
| Maturity: | Oct. 15, 2038
|
| Bookrunners: | Barclays Capital Inc., Credit Suisse Securities, J.P. Morgan Securities Inc., Morgan Stanley & Co., Inc., RBS Greenwich Capital, Scotia Capital
|
| Co-managers: | Mizuho Securities, SunTrust Robinson Humphrey
|
| Coupon: | 8.25%
|
| Price: | 97.303
|
| Yield: | 8.5%
|
| Spread: | Treasuries plus 427.3 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Oct. 15
|
| Settlement date: | Oct. 20
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
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