By Aleesia Forni
Virginia Beach, Sept. 9 – Piedmont Natural Gas Co. Inc. priced $150 million of 3.6% 10-year senior notes (A2/A) on Wednesday at Treasuries plus 137.5 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
The issue priced at 99.935 to yield 3.608% and sold at the tight end of guidance set in the 140 bps area over Treasuries.
The bookrunners are U.S. Bancorp Investments Inc. and BB&T Capital Markets.
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: | $150 million
|
| Description: | Senior notes
|
| Maturity: | Sept. 1, 2025
|
| Bookrunners: | U.S. Bancorp Investments Inc., BB&T Capital Markets
|
| Coupon: | 3.6%
|
| Price: | 99.935
|
| Yield: | 3.608%
|
| Spread: | Treasuries plus 137.5 bps
|
| Make-whole call: | Treasuries plus 25 bps prior to June 1, 2025, then callable at par
|
| Trade date: | Sept. 9
|
| Settlement date: | Sept. 14
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 140 bps area
|
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