By Andrea Heisinger
New York, May 19 - PPL Electric Utilities Corp. priced $300 million 6.25% 30-year first mortgage bonds Tuesday to yield Treasuries plus 210 basis points, according to an FWP filing with the Securities and Exchange Commission.
The bonds (A3/A-/A-) priced at 99.398 to yield 6.295% with a make-whole call of Treasuries plus 35 bps.
Bookrunners were Banc of America Securities LLC, Credit Suisse Securities, Morgan Stanley & Co. Inc. and UBS Investment Bank.
Co-managers were J.P. Morgan Securities Inc., U.S. Bancorp Securities and Wachovia Capital Markets LLC.
Proceeds will be used to partially fund the repayment of $486 million outstanding senior bonds due Aug. 15, 2009.
The electric company is based in Allentown, Pa.
| Issuer: | PPL Electric Utilities Corp.
|
| Issue: | First mortgage bonds
|
| Amount: | $300 million
|
| Maturity: | May 15, 2039
|
| Bookrunners: | Banc of America Securities LLC, Credit Suisse Securities, Morgan Stanley & Co. Inc., UBS Investment Bank
|
| Co-managers: | J.P. Morgan Securities Inc., U.S. Bancorp Securities, Wachovia Capital Markets LLC
|
| Coupon: | 6.25%
|
| Price: | 99.398
|
| Yield: | 6.295%
|
| Spread: | Treasuries plus 210 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Trade date: | May 19
|
| Settlement date: | May 22
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
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