By Aleesia Forni
Virginia Beach, Sept. 28 – PPL Electric Utilities Corp. sold $350 million of 4.15% 30-year first mortgage bonds (A1/A) on Monday at Treasuries plus 132 basis points, according to a market source.
The issue priced at 99.388 to yield 4.186%.
Guidance was set in the Treasuries plus 135 bps area, tightened from talk in the Treasuries plus 145 bps area.
Barclays, RBC Capital Markets LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC are the joint bookrunners.
Proceeds will be used 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: | $350 million
|
| Description: | First mortgage bonds
|
| Maturity: | Oct. 1, 2045
|
| Bookrunners: | Barclays, RBC Capital Markets LLC, Scotia Capital (USA) Inc., Wells Fargo Securities LLC
|
| Coupon: | 4.15%
|
| Price: | 99.388
|
| Yield: | 4.186%
|
| Spread: | Treasuries plus 132 bps
|
| Trade date: | Sept. 28
|
| Settlement date: | Oct. 1
|
| Ratings: | Moody’s: A1
|
| Standard & Poor’s: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 135 bps area, tightened from Treasuries plus 145 bps area
|
© 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.
