By Cristal Cody
Tupelo, Miss., Sept. 6 – Pennsylvania Electric Co. sold $300 million of 3.25% senior notes due March 15, 2028 on Tuesday at a spread of 118 basis points over Treasuries, a market source said.
The notes (Baa1/BBB-/BBB+) priced on the tight side of talk, which was in the Treasuries plus 120 bps area.
Citigroup Global Markets Inc., CIBC World Markets Corp. and Mizuho Securities USA LLC were the active bookrunners. TD Securities (USA) LLC was passive.
Pennsylvania Electric is an Akron, Ohio-based electric transmission and distribution company.
| Issuer: | Pennsylvania Electric Co.
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | March 15, 2028
|
| Bookrunners: | Citigroup Global Markets Inc., CIBC World Markets Corp. and Mizuho Securities USA LLC (actives); TD Securities (USA) LLC (passive)
|
| Coupon: | 3.25%
|
| Spread: | Treasuries plus 118 bps
|
| Trade date: | Sept. 5
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB-
|
| Fitch: BBB+
|
| Price talk: | Treasuries plus 120 bps area
|
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