By Andrea Heisinger
New York, Jan. 8 - Progress Energy Carolinas, Inc., which does business as Carolina Power & Light Co., priced $600 million 5.3% 10-year first mortgage bonds Thursday to yield Treasuries plus 285 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes (A2/A-/A+) priced at 99.908 to yield 5.312%. The notes have a make-whole call of Treasuries plus 50 bps.
Bookrunners are Deutsche Bank Securities Inc. and Goldman Sachs & Co.
Co-managers are Banc of America Securities LLC, Mitsubishi UFJ Securities, BNY Mellon, SunTrust Robinson Humphrey and BB&T Capital Markets.
Proceeds will be used to retire a $400 million balance of 5.95% notes due March 1, 2009 and to repay outstanding commercial paper.
The subsidiary of Progress Energy is based in Raleigh, N.C.
| Issuer: | Progress Energy Carolinas, Inc., doing business as Carolina Power & Light Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $600 million
|
| Maturity: | Jan. 15, 2019
|
| Bookrunners: | Deutsche Bank Securities Inc. and Goldman Sachs & Co.
|
| Coupon: | 5.3%
|
| Price: | 99.908
|
| Yield: | 5.312%
|
| Spread: | Treasuries plus 285 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Jan. 8
|
| Settlement date: | Jan. 15
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A+
|
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