By Andrea Heisinger
New York, Aug. 15 - Florida Power Corp., d/b/a Progress Energy Florida, Inc. priced $300 million of 3.1% 10-year first mortgage bonds on Monday at a spread of Treasuries plus 85 basis points, according to an FWP filing with the Securities and Exchange Commission.
The bonds (A2/A/A) were sold at 99.796 to yield 3.124%. There is a make-whole call at 15 bps over Treasuries until May 15, 2021 and a redemption option after that date at par.
Barclays Capital Inc., Citigroup Global Markets Inc. and Goldman Sachs & Co. were the bookrunners.
Co-managers were Mitsubishi UFJ Securities (USA) Inc., SunTrust Robinson Humphrey Inc., KeyBanc Capital Markets and Williams Capital Group LP.
Proceeds will be used to repay a portion of outstanding short-term debt.
The utility company is based in St. Petersburg, Fla.
| Issuer: | Florida Power Corp., d/b/a Progress Energy Florida, Inc.
|
| Issue: | First mortgage bonds
|
| Amount: | $300 million
|
| Maturity: | Aug. 15, 2021
|
| Bookrunners: | Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co.
|
| Co-managers: | Mitsubishi UFJ Securities (USA) Inc., SunTrust Robinson Humphrey Inc., KeyBanc Capital Markets, Williams Capital Group LP
|
| Coupon: | 3.1%
|
| Price: | 99.796
|
| Yield: | 3.124%
|
| Spread: | Treasuries plus 85 bps
|
| Call: | Make-whole at Treasuries plus 15 bps until May 15, 2021, after at par
|
| Trade date: | Aug. 15
|
| Settlement date: | Aug. 18
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
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