By Andrea Heisinger
New York, Jan. 20 - Puget Sound Energy Inc. priced $250 million 6.75% seven-year senior notes on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bonds (Baa2/A-/) priced at par to yield 6.75%, or Treasuries plus 480.3 basis points. The notes have a make-whole call of Treasuries plus 50 bps.
Bookrunners were Barclays Capital Inc., Scotia Capital and Wachovia Capital Markets.
Co-managers were KeyBanc Capital Markets, Banc of America Securities LLC and Dresdner Kleinwort Securities LLC.
Proceeds will be used to repay outstanding short-term debt incurred to fund capital and new resource expenditures.
The electric and natural gas company is based in Bellevue, Wash.
| Issuer: | Puget Sound Energy Inc.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Maturity: | Jan. 15, 2016
|
| Bookrunners: | Barclays Capital Inc., Scotia Capital, Wachovia Capital Markets
|
| Co-managers: | KeyBanc Capital Markets, Banc of America Securities LLC, Dresdner Kleinwort Securities LLC
|
| Coupon: | 6.75%
|
| Price: | Par
|
| Yield: | 6.75%
|
| Spread: | Treasuries plus 480.3 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Jan. 20
|
| Settlement date: | Jan. 23
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: A-
|
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