By Andrea Heisinger
New York, March 3 - Puget Sound Energy, Inc. priced $325 million of 5.795% 30-year senior notes to yield 120 basis points over Treasuries on Wednesday, a source who worked on the sale said.
The notes (Baa1/A-/) priced at par to yield 5.795%. They have a make-whole call at Treasuries plus 20 bps.
There was no official price talk for the sale, the source said.
Bookrunners were Barclays Capital Inc., KeyBanc Capital Markets Inc., Scotia Capital and Wells Fargo Securities.
Co-managers were Bank of America Merrill Lynch, Commerzbank Capital Markets, Fifth Third Securities, J.P. Morgan Securities Inc. and Macquarie Capital Markets.
Proceeds are being used to replenish cash used to repay $225 million of senior notes maturing on Feb. 22, with the remainder to repay short-term debt.
The electric and natural gas company is based in Bellevue, Wash.
| Issuer: | Puget Sound Energy, Inc.
|
| Issue: | Senior notes
|
| Amount: | $325 million
|
| Maturity: | March 15, 2040
|
| Bookrunners: | Barclays Capital Inc., KeyBanc Capital Markets Inc., Scotia Capital, Wells Fargo Securities
|
| Co-managers: | Bank of America Merrill Lynch, Commerzbank Capital Markets, Fifth Third Securities, J.P. Morgan Securities Inc., Macquarie Capital Markets
|
| Coupon: | 5.795%
|
| Price: | Par
|
| Yield: | 5.795%
|
| Spread: | Treasuries plus 120 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Trade date: | March 3
|
| Settlement date: | March 8
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
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