By Andrea Heisinger
Omaha, Aug. 8 - PPL Electric Utilities Corp. priced a $250 million deal of 30-year senior secured bonds (A3/A-) at a spread of 143 basis points to Treasuries on Wednesday, according to a market source.
The 6.45% bonds priced at 99.973 to yield 6.452%.
Bookrunners on the deal were BNP Paribas Securities Corp., Credit Suisse Securities LLC and Scotia Capital Inc. ABN AMRO Inc., BNY Capital Markets, Inc. and Lazard Capital Markets LLC were co-managers.
PPL Electric Utilities is a subsidiary of PPL Corp., an Allentown, Pa.-based provider of energy in the United States and electricity in the United Kingdom and Chile.
Proceeds, along with cash on hand, will be used to redeem PPL Electric Utilities' $255 million of 5 7/8% senior secured bonds at their maturity on Aug. 15.
| Issuer: | PPL Electric Utilities Corp.
|
| Face amount: | $250 million
|
| Maturity: | Aug. 15, 2037
|
| Security description: | Senior secured bonds
|
| Bookrunners: | BNP Paribas Securities Corp., Credit Suisse Securities LLC, Scotia Capital Inc.
|
| Coupon: | 6.45%
|
| Price: | 99.973
|
| Yield: | 6.452% |
|
| Spread: | 143 bps
|
| Call: | Make-whole call at Treasuries plus 25 bps
|
| Trade date: | Aug. 8
|
| Settlement date: | Aug. 13
|
| Ratings: | Moody's: A3
|
| Standard & Poors: A-
|
| Distribution: | SEC registered
|
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