By Andrea Heisinger
Omaha, July 16 - PPL Energy Supply, LLC priced $300 million 6.3% five-year senior unsecured notes Wednesday to yield Treasuries plus 315 basis points, an informed source said.
The notes (Baa2/BBB/BBB+) priced at 99.959 to yield 6.31%, with a make-whole redemption option at Treasuries plus 50 bps.
The notes priced at the tight end of talk of 315 bps to 320 bps, the source said.
Bookrunners were Citigroup Global Markets Inc., HSBC Securities Inc., Lehman Brothers Inc. and Wachovia Capital Markets.
Co-managers were Lloyds TSB Corporate Markets, PNC Capital Markets LLC, Wedbush Morgan Securities, and Wells Fargo Securities.
Proceeds will be used to repay short-term debt.
The power company is based in Allentown, Pa.
| Issuer: | PPL Energy Supply, LLC
|
| Issue: | Senior unsecured notes
|
| Amount: | $300 million
|
| Maturity: | July 15, 2013
|
| Bookrunners: | Citigroup Global Markets Inc., HSBC Securities Inc., Lehman Brothers Inc., Wachovia Capital Markets
|
| Co-managers: | Lloyds TSB Corporate Markets, PNC Capital Markets LLC, Wedbush Morgan Securities, Wells Fargo Securities
|
| Coupon: | 6.3%
|
| Price: | 99.959
|
| Yield: | 6.31%
|
| Spread: | Treasuries plus 315 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | July 16
|
| Settlement date: | July 21
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
| Price talk: | 315 bps to 320 bps
|
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