By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, March 15 – Puget Sound Energy, Inc. sold $450 million of 4.224% 10-year senior secured notes on Monday at a spread of 210 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa3/BBB-/BBB) priced at par to yield 4.224%.
Price talk was in the 230 bps area over Treasuries, according to a market source.
BofA Securities, Inc., Mizuho Securities USA Inc., MUFG and U.S. Bancorp Investments Inc. are the bookrunners.
Proceeds will be used to repay the company’s $450 million of 5.625% senior secured notes at maturity and for general corporate purposes.
Puget Sound Energy is a Bellevue, Wash.-based electric utility company.
| Issuer: | Puget Sound Energy, Inc.
|
| Amount: | $450 million
|
| Issue: | Senior secured notes
|
| Maturity: | March 15, 2032
|
| Bookrunners: | BofA Securities, Inc., Mizuho Securities USA Inc., MUFG and U.S. Bancorp Investments Inc.
|
| Co-managers: | CIBC World Markets Corp. and KeyBanc Capital Markets Inc.
|
| Trustee: | Computershare Trust Co., NA
|
| Counsel to issuer: | Perkins Coie LLP
|
| Counsel to bookrunners: | Hunton Andrews Kurth LLP
|
| Coupon: | 4.224%
|
| Price: | Par
|
| Yield: | 4.224%
|
| Spread: | Treasuries plus 210 bps
|
| Call features: | Make-whole call at Treasuries plus 35 bps before Dec. 15, 2031; thereafter at par
|
| Change-of-control: | 101
|
| Trade date: | March 14
|
| Settlement date: | March 17
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Price talk: | 230 bps area over Treasuries
|
| Cusip: | 745310AN2
|
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