By William Gullotti and Cristal Cody
Buffalo, N.Y., May 9 – Oncor Electric Delivery Co. LLC priced $1 billion of notes in two tranches on Monday, according to information provided by a market source.
Oncor priced $600 million of 4.3% notes due May 15, 2028 with a spread of Treasuries plus 85 basis points. Initial price talk was in the Treasuries plus 115 bps to 120 bps area.
The company also priced a $400 million tap of its 4.95% 30-year notes, first issued in September 2022, with a spread of 145 bps over Treasuries. Initial price talk for the tap was identical to talk for the initial offering, landing in the Treasuries plus 170 bps to 175 bps area.
The bonds tightened by 3 bps to 4 bps in the secondary market, a market source said.
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC and UBS Securities LLC are the bookrunners.
The electric company is based in Dallas.
| Issuer: | Oncor Electric Delivery Co. LLC
|
| Amount: | $1 billion
|
| Issue: | Notes
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| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC, TD Securities (USA) LLC and UBS Securities LLC
|
| Trade date: | May 8
|
|
|
| Five-year notes
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| Amount: | $600 million
|
| Maturity: | May 15, 2028
|
| Coupon: | 4.3%
|
| Spread: | Treasuries plus 85 bps
|
| Price talk: | Treasuries plus 115 bps to 120 bps area
|
|
|
| Add-on notes due 2052
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| Amount: | $400 million add-on
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| Maturity: | Sept. 15, 2052
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| Coupon: | 4.95%
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| Spread: | Treasuries plus 145 bps
|
| Price talk: | Treasuries plus 170 bps to 175 bps area
|
| Total issue: | $900 million, including $500 million priced Sept. 6, 2022
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