Progress Energy Carolinas selling $500 million 30-year bonds Thursday

By Andrea Heisinger

New York, March 7 - Progress Energy Carolinas, Inc., which does business as Carolina Power & Light Co., is expected to price $500 million of 30-year first mortgage bonds on Thursday, an informed source said.

The bonds (A1/A/A+) have a make-whole call until six months prior to maturity and a par call afterward.

Bookrunners are Barclays, BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC and RBS Securities Inc.

Proceeds will be used to repay intercompany short-term debt under a money pool borrowing arrangement with Duke Energy Corp. and for general corporate purposes.

Progress Energy Carolinas was last in the U.S. bond market with a $1 billion sale of mortgage bonds in two parts on May 15, 2012. That offering included a 4.1% 30-year bond sold at 120 basis points over Treasuries.

The electric utility is based in Raleigh, N.C.

© 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.