By Aleesia Forni
Virginia Beach, Sept. 15 – Piedmont Natural Gas Co. Inc. sold $250 million 4.1% senior notes due 2034 on Monday at Treasuries plus 78 basis points, according to a market source and a FWP filed with the Securities and Exchange Commission on Monday.
Pricing was at the tight end of talk, which was set in the area of Treasuries plus 80 bps.
The notes (A2/A/) sold at 99.826 to yield 4.113%.
The bookrunners were RBC Capital Markets LLC and Wells Fargo Securities LLC.
Proceeds will be used to finance capital expenditures, to repay outstanding short-term, unsecured notes under the company’s commercial paper program and for general corporate purposes.
The natural gas distributor is based in Charlotte, N.C.
| Issuer: | Piedmont Natural Gas Co. Inc.
|
| Amount: | $250 million
|
| Description: | Senior notes
|
| Maturity: | Sept. 18, 2034
|
| Bookrunners: | RBC Capital Markets LLC, Wells Fargo Securities LLC
|
| Co-managers: | PNC Capital Markets LLC, Loop Capital Markets LLC
|
| Coupon: | 4.1%
|
| Price: | 99.826
|
| Yield: | 4.113%
|
| Spread: | Treasuries plus 78 bps
|
| Make-whole call: | Treasuries plus 15 bps prior to March 18, 2034, then callable at par
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 18
|
| Ratings: | Moody’s: A2
|
| Standard & Poor's: A
|
| Price talk: | Treasuries plus 80 bps area, tightened from Treasuries plus 90 bps area
|
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