By Rebecca Melvin
New York, Sept. 3 – PPL Electric Utilities Corp. priced $400 million of 3% 30-year first mortgage bonds at a spread of 115 basis points over Treasuries, according to an FWP filing on Tuesday with the Securities and Exchange Commission.
The bonds priced at 99.321 to yield 3.086%.
Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC, CIBC World Markets Corp. and U.S. Bancorp Investments, Inc. were the bookrunners.
Proceeds will be used to repay short-term debt and for general corporate purposes.
The energy and utility company is based in Allentown, Pa.
| Issuer: | PPL Electric Utilities Corp.
|
| Amount: | $400 million
|
| Description: | First mortgage bonds
|
| Maturity: | Oct. 1, 2049
|
| Bookrunners: | Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC, CIBC World Markets Corp. and U.S. Bancorp Investments, Inc.
|
| Coupon: | 3%
|
| Price: | 99.321
|
| Yield: | 3.086%
|
| Spread: | Treasuries plus 115 bps
|
| Call features: | Make-whole call at greater of par and Treasuries plus 20 bps before April 1, 2049; thereafter at par
|
| Trade date: | Sept. 3
|
| Settlement date: | Sept. 6
|
| 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.
