By Andrea Heisinger
New York, Jan. 13 - Public Service Co. of Oklahoma priced $250 million of 4.4% 10-year senior notes, series I, on Thursday at a spread of 115 basis points over Treasuries, an informed source said.
The notes (Baa1/BBB/BBB+) were priced at 99.246 to yield 4.494%. They have a make-whole call at 20 bps over Treasuries.
Goldman Sachs & Co., KeyBanc Capital Markets and RBS Securities Inc. were the bookrunners.
Co-managers were BNP Paribas Securities Corp., Mizuho Securities USA Inc. and SunTrust Robinson Humphrey Inc.
Proceeds will be used to refund all or a portion of the outstanding $75 million 4.75% senior notes due 2011 and the outstanding $200 million of 6% notes due 2032. Any remainder will be used for general corporate purposes.
The electric utility is based in Tulsa, Okla.
| Issuer: | Public Service Co. of Oklahoma
|
| Issue: | Senior notes, series I
|
| Amount: | $250 million
|
| Maturity: | Feb. 1, 2021
|
| Bookrunners: | Goldman Sachs & Co., KeyBanc Capital Markets, RBS Securities Inc.
|
| Co-managers: | BNP Paribas Securities Corp., Mizuho Securities USA Inc., SunTrust Robinson Humphrey Inc.
|
| Coupon: | 4.4%
|
| Price: | 99.246
|
| Yield: | 4.494%
|
| Spread: | Treasuries plus 115 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Trade date: | Jan. 13
|
| Settlement date: | Jan. 19
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
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