By Andrea Heisinger
New York, July 29 - Piedmont Natural Gas Co., Inc. priced $300 million of 4.65% 30-year senior notes (A3/A/) on Monday at a spread of Treasuries plus 100 basis points, a market source said.
Pricing was at 99.952 to yield 4.653%.
Bookrunners were BofA Merrill Lynch and U.S. Bancorp Investments Inc.
Proceeds will be used to finance capital expenditures, to repay medium-term notes at maturity, to repay outstanding short-term debt and unsecured notes under a commercial paper program and for general corporate purposes.
The natural gas distributor is based in Charlotte, N.C.
| Issuer: | Piedmont Natural Gas Co., Inc.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Aug. 1, 2043
|
| Bookrunners: | BofA Merrill Lynch, U.S. Bancorp Investments Inc.
|
| Co-managers: | BB&T Capital Markets, PNC Capital Markets LLC, RBC Capital Markets LLC
|
| Coupon: | 4.65%
|
| Price: | 99.952
|
| Yield: | 4.653%
|
| Spread: | Treasuries plus 100 bps
|
| Call: | Make-whole at Treasuries plus 15 bps to Feb. 1, 2043
|
| Trade date: | July 29
|
| Settlement date: | Aug. 1
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
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