By Cristal Cody
Eureka Springs, Ark., July 25 – Piedmont Natural Gas Co., Inc. sold $300 million of 3.64% 30-year senior notes at 99.878 to yield 3.646% on Monday, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A) priced with a spread of 135 basis points over Treasuries.
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: | $300 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 1, 2046
|
| Bookrunners: | RBC Capital Markets, LLC, Wells Fargo Securities, LLC
|
| Co-manager: | U.S. Bancorp Investments Inc.
|
| Coupon: | 3.64%
|
| Price: | 99.878
|
| Yield: | 3.646%
|
| Spread: | Treasuries plus 135 bps
|
| Call feature: | Make-whole call before May 1, 2046 at greater of par and Treasuries plus 25 bps; on or after May 1, 2046 at par
|
| Trade date: | July 25
|
| Settlement date: | July 28
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Distribution: | SEC registered
|
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