By Andrea Heisinger
New York, Sept. 21 - Ohio Power Co. sold $500 million of 5.375% 12-year senior notes Monday at Treasuries plus 195 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/BBB/BBB+) priced at 99.587 to yield 5.422%. They have a make-whole call at Treasuries plus 30 bps.
Bookrunners were KeyBanc Capital Markets Inc., RBS Securities Inc. and UBS Investment Bank.
Co-managers were Calyon Securities and Mitsubishi UFJ Securities.
Proceeds are being used for general corporate purposes, including repayment of all or a portion of $400 million in floating-rate notes due April 5, 2010 at maturity. Proceeds may also be used to fund working capital, for construction programs and to repay advances from affiliates.
The utility is based in Columbus, Ohio.
| Issuer: | Ohio Power Co.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | Oct. 1, 2021
|
| Bookrunners: | KeyBanc Capital Markets Inc., RBS Securities Inc., UBS Investment Bank
|
| Co-managers: | Calyon Securities, Mitsubishi UFJ Securities
|
| Coupon: | 5.375%
|
| Price: | 99.587
|
| Yield: | 5.422%
|
| Spread: | Treasuries plus 195 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | Sept. 21
|
| Settlement date: | Sept. 24
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
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