By Andrea Heisinger
Omaha, Sept. 13 - Florida Power Corp., which does business as Progress Energy Florida Inc., priced $750 million of first mortgage bonds in two tranches Thursday, an informed source said.
The $250 million tranche of 5.8% 10-year bonds (A2/A-/A+) priced to yield Treasuries plus 135 basis points with a price of 99.731 with a yield of 5.826%. The notes have a make-whole call at Treasuries plus 25 bps.
The $500 million tranche of 6.35% 30-year bonds priced to yield Treasuries plus 160 bps with a price of 99.868 and a yield of 6.36%. They have a make-whole call at Treasuries plus 30 bps.
Banc of America Securities LLC, RBS Greenwich Capital, Barclays Capital Inc. and Deutsche Bank Securities were bookrunners.
Proceeds will be used to repay the outstanding balance of notes to affiliated companies and for general corporate purposes.
The public electric company is based in St. Petersburg, Fla.
| Issuer: | Florida Power Corp., d/b/a Progress Energy Florida Inc.
|
| Issue: | First mortgage bonds
|
| Amount: | $750 million
|
| Bookrunners: | Banc of America Securities LLC, RBS Greenwich Capital, Barclays Capital Inc., Deutsche Bank Securities
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 18
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A+
|
|
|
| 10-year tranche
|
| Amount: | $250 million
|
| Maturity: | Sept. 15, 2017
|
| Coupon: | 5.8%
|
| Price: | 99.731
|
| Yield: | 5.826%
|
| Spread: | Treasuries plus 135 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
|
|
| 30-year tranche
|
| Amount: | $500 million
|
| Maturity: | Sept. 15, 2037
|
| Coupon: | 6.35%
|
| Price: | 99.868
|
| Yield: | 6.36%
|
| Spread: | Treasuries plus 160 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
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