By Andrea Heisinger
New York, Aug. 9 - Orange & Rockland Utilities Inc. sold $170 million of notes (Baa1/A-/A-) in two tranches on Monday, a source close to the deal said.
A $55 million tranche of 2.5% five-year notes priced at 99.878 to yield 2.526% with a spread of Treasuries plus 100 basis points.
A $115 million tranche of 5.5% 30-year bonds priced at 99.81 to yield 5.513% with a spread of 150 bps over Treasuries.
Both tranches were sold under Rule 144A.
Citigroup Global Markets Inc. was the bookrunner.
The electric and natural gas subsidiary of Consolidated Edison is based in Pearl River, N.Y.
| Issuer: | Orange & Rockland Utilities Inc.
|
| Issue: | Notes
|
| Amount: | $170 million
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Distribution: | Rule 144A
|
| Trade date: | Aug. 9
|
| Settlement date: | Aug. 12
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: A
|
|
|
| Five-year notes
|
| Amount: | $55 million
|
| Maturity: | Aug. 15, 2015
|
| Coupon: | 2.5%
|
| Price: | 99.878
|
| Yield: | 2.526%
|
| Spread: | Treasuries plus 100 bps
|
|
|
| 30-year bonds
|
| Amount: | $115 million
|
| Maturity: | Aug. 15, 2040
|
| Coupon: | 5.5%
|
| Price: | 99.81
|
| Yield: | 5.513%
|
| Spread: | Treasuries plus 150 bps
|
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