By Andrea Heisinger
Omaha, March 10 - Carolina Power & Light Co., doing business as Progress Energy Carolinas, Inc. priced $325 million 6.3% 30-year first mortgage bonds Monday to yield Treasuries plus 185 basis points, market sources said.
The notes (A2/A-/A+) priced at 99.821 to yield 6.313%. They have a make-whole redemption option of Treasuries plus 30 bps.
Bookrunners were J.P. Morgan Securities Inc. and Wachovia Capital Securities LLC.
Co-managers were Goldman Sachs & Co., BNY Capital Markets, Inc., Lazard Capital Markets LLC, Morgan Stanley & Co. Inc., SunTrust Robinson Humphrey, Inc. and Cabrera Capital Markets LLC.
Proceeds will be used to retire the outstanding balance of $300 million of 6.65% medium-term notes due April 1, 2008.
The electricity company is based in Raleigh, N.C.
| Issuer: | Carolina Power & Light Co., doing business as Progress Energy Carolinas, Inc.
|
| Issue: | First mortgage bonds
|
| Amount: | $325 million
|
| Maturity: | April 1, 2038
|
| Bookrunners: | J.P. Morgan Securities Inc., Wachovia Capital Securities LLC
|
| Co-managers: | Goldman Sachs & Co., BNY Capital Markets, Inc., Lazard Capital Markets LLC, Morgan Stanley & Co. Inc., SunTrust Robinson Humphrey, Inc. and Cabrera Capital Markets LLC
|
| Coupon: | 6.3%
|
| Price: | 99.821
|
| Yield: | 6.313%
|
| Spread: | Treasuries plus 185 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | March 10
|
| Settlement date: | March 13
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A+
|
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