By Andrea Heisinger
New York, March 22 - Florida Power Corp. d/b/a Progress Energy Florida Inc. priced $600 million of first mortgage bonds (A1/A-/A+) in two tranches on Monday, according to an FWP filing with the Securities and Exchange Commission.
The $250 million of 4.55% 10-year notes priced at 99.943 to yield 4.557% with a spread of 90 basis points over Treasuries. The notes have a make-whole call at Treasuries plus 15 bps.
A $350 million tranche of 5.65% 30-year bonds priced at 99.583 to yield 5.679% with a spread of Treasuries plus 110 bps. The notes are callable a make-whole amount of Treasuries plus 20 bps.
Bookrunners were Bank of America Merrill Lynch, J.P. Morgan Securities Inc. and Mitsubishi UFJ Securities.
Co-managers were Bank of New York Mellon Capital Markets LLC, Citigroup Global Markets Inc., SunTrust Robinson Humphrey Inc., Robert W. Baird & Co., Inc. and BB&T Capital Markets.
Proceeds are being used to retire a $300 million balance of 4.5% mortgage bonds due June 1, to repay the balance of notes payable to affiliate companies and for general corporate purposes.
The electric subsidiary of Progress Energy Inc. is based in Raleigh, N.C.
| Issuer: | Florida Power Corp. d/b/a Progress Energy Florida Inc.
|
| Issue: | First mortgage bonds
|
| Amount: | $600 million
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc., Mitsubishi UFJ Securities
|
| Co-managers: | Bank of New York Mellon Capital Markets LLC, Citigroup Global Markets Inc., SunTrust Robinson Humphrey Inc., Robert W. Baird & Co., Inc., BB&T Capital Markets
|
| Trade date: | March 22
|
| Settlement date: | March 25
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A-
|
| Fitch: A+
|
|
|
| 10-year notes
|
| Amount: | $250 million
|
| Maturity: | April 1, 2020
|
| Coupon: | 4.55%
|
| Price: | 99.943
|
| Yield: | 4.557%
|
| Spread: | Treasuries plus 90 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
|
|
| 30-year notes
|
| Amount: | $350 million
|
| Maturity: | April 1, 2040
|
| Coupon: | 5.65%
|
| Price: | 99.583
|
| Yield: | 5.679%
|
| Spread: | Treasuries plus 110 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
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