By Aleesia Forni
Virginia Beach, June 5 – Pennsylvania Electric Co. priced $200 million of 4.15% senior notes (Baa2/BBB-/) due 2025 at a spread of Treasuries plus 160 basis points on Thursday, according to an informed source.
The offering priced at 99.725 to yield 4.179%.
The notes came at the tight end of price talk which had been set in the Treasuries plus 165 bps area.
Bookrunners for the Rule 144A and Regulation S deal were BofA Merrill Lynch, BNP Paribas Securities Corp. and Credit Agricole Securities (USA) Inc.
The electric subsidiary of FirstEnergy Corp. is based in Akron, Ohio.
| Issuer: | Pennsylvania Electric Co.
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| Issue: | Senior notes
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| Amount: | $200 million
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| Maturity: | April 15, 2025
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| Bookrunners: | BofA Merrill Lynch, BNP Paribas Securities Corp., Credit Agricole (USA) Inc.
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| Coupon: | 4.15%
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| Price: | 99.725
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| Yield: | 4.179%
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| Spread: | Treasuries plus 160 bps
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| Trade date: | June 5
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| Settlement date: | June 11
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| Ratings: | Moody’s: Baa2
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| Standard & Poor’s: BBB-
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| Price talk: | Treasuries plus 165 bps area
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| Distribution: | Rule 144A, Regulation S
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