By Andrea Heisinger
Omaha, Aug. 27 - Pennsylvania Electric Co. priced $300 million of 6.05% 10-year senior unsecured notes on Monday to yield 150 basis points more than Treasuries, according to an informed source.
The notes (Baa2/BBB) had a price of 99.703 to yield 6.09%. Price talk was in the 150 bps area, the source said.
Bookrunners were Citigroup Global Markets Inc., Lehman Brothers Inc. and Scotia Capital Inc.
The Erie, Pa.-based company provides electricity to customers in northern and central Pennsylvania.
| Issuer: | Pennsylvania Electric Co.
|
| Amount: | $300 million
|
| Maturity: | Sept. 1, 2017
|
| Security description: | Senior unsecured notes
|
| Bookrunners: | Citigroup Global Markets Inc., Lehman Brothers Inc., Scotia Capital Inc.
|
| Coupon: | 6.05%
|
| Price: | 99.703
|
| Yield: | 6.09%
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Make-whole of Treasuries plus 25 bps
|
| Trade date: | Aug. 27
|
| Settlement date: | Aug. 30
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Price talk: | 150 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
