By Andrea Heisinger
New York, Sept. 12 - Progress Energy Carolinas, Inc., which does business as Carolina Power & Light Co., priced $500 million of 3% 10-year first mortgage bonds on Monday to yield Treasuries plus 110 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A1/A-/A+) were sold at 99.828 to yield 3.02%. They have a make-whole call at Treasuries plus 20 bps prior to June 15, 2021 and can be redeemed after that date at par.
Bookrunners were Bank of America Merrill Lynch, J.P. Morgan Securities LLC and RBS Securities Inc.
BNY Mellon Capital Markets LLC, Mitsubishi UFJ Securities (USA), Inc., BB&T Capital Markets and Lazard Capital Markets LLC were the co-managers.
Proceeds are being used to repay outstanding short-term debt totaling $178 million and for general corporate purposes, including construction expenditures.
The electric subsidiary of Progress Energy is based in Raleigh, N.C.
| Issuer: | Carolina Power & Light Co., d/b/a Progress Energy Carolinas, Inc.
|
| Issue: | First mortgage bonds
|
| Amount: | $500 million
|
| Maturity: | Sept. 15, 2021
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC, RBS Securities Inc.
|
| Co-managers: | BNY Mellon Capital Markets LLC, Mitsubishi UFJ Securities (USA), Inc., BB&T Capital Markets, Lazard Capital Markets LLC
|
| Coupon: | 3%
|
| Price: | 99.828
|
| Yield: | 3.02%
|
| Spread: | Treasuries plus 110 bps
|
| Call: | Make-whole at Treasuries plus 20 bps until June 15, 2021, after at par
|
| Trade date: | Sept. 12
|
| Settlement date: | Sept. 15
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A-
|
| Fitch: A+
|
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