By Cristal Cody
Tupelo, Miss., March 13 – Ohio Power Co. sold $350 million of 2.6% 10-year senior notes on Friday at 99.894 to yield 2.612%, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes (A2/A-) priced at a spread of Treasuries plus 170 basis points versus initial talk in the 185 bps area.
BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc. were the bookrunners.
Proceeds will be used for general corporate purposes relating to the company’s utility business.
Ohio Power is a Columbus, Ohio-based electricity provider and subsidiary of the American Electric Power Co., Inc.
| Issuer: | Ohio Power Co.
|
| Amount: | $350 million
|
| Description: | Series P senior notes
|
| Maturity: | April 1, 2030
|
| Bookrunners: | BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., RBC Capital Markets, LLC and SunTrust Robinson Humphrey, Inc.
|
| Coupon: | 2.6%
|
| Price: | 99.894
|
| Yield: | 2.612%
|
| Spread: | Treasuries plus 170 bps
|
| Call feature: | Make-whole call before Jan. 1, 2030 at price equal to greater of par and Treasuries plus 30 bps; thereafter at par
|
| Trade date: | March 13
|
| Settlement date: | March 17
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 185 bps area
|
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