New Issue: PPL Electric sells $300 million 30-year 4.125% bonds at 82 bps spread

By Aleesia Forni

Virginia Beach, June 2 - PPL Electric Utilities Corp. priced $300 million of 4.125% first mortgage bonds due 2044 at a spread of Treasuries plus 82 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.

Pricing was at 98.827 to yield 4.194%.

The notes (A2/A-/A-) sold at the tight end of talk.

Citigroup Global Markets Inc., RBC Capital Markets LLC, RBS Securities Inc. and UBS Securities LLC were the joint bookrunners.

Proceeds will be used to fund capital expenditures, to repay short-term debt and for other general corporate purposes

The electric company is based in Allentown, Pa.

Issuer:	PPL Electric Utilities Corp.
Amount:	$300 million
Description:	First mortgage bonds
Maturity:	June 15, 2044
Bookrunners:	Citigroup Global Markets Inc., RBC Capital Markets LLC, RBS Securities Inc., UBS Securities LLC
Co-managers:	Credit Agricole Securities (USA) Inc., KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities (USA) Inc., SunTrust Robinson Humphrey Inc.
Coupon:	4.125%
Price:	98.827
Yield:	4.194%
Spread:	Treasuries plus 82 bps
Make-whole call:	Treasuries plus 15 bps prior to Dec. 15, 2043, then callable at par
Trade date:	June 2
Settlement date:	June 5
Ratings:	Moody's: A2
	Standard & Poor's: A-
	Fitch: A-
Price talk:	Treasuries plus 85 bps area, tightened from Treasuries plus 90 bps area
Distribution:	SEC-registered

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.