By Andrea Heisinger
New York, March 22 - Puget Sound Energy, Inc. sold an upsized $300 million of 5.638% 30-year senior notes on Tuesday to yield Treasuries plus 118 basis points, according to an FWP filing with the Securities and Exchange Commission.
The size was increased from $250 million, a source said.
The notes (A3/A-/) priced at 99.995 to yield 5.638%. They are callable at a make-whole amount of 20 bps over Treasuries until six months prior to maturity, when they can be redeemed at par.
KeyBanc Capital Markets Inc., Scotia Capital (USA) Inc. and SunTrust Robinson Humphrey Inc. were the bookrunners.
Co-managers were Barclays Capital Inc., Fifth Third Securities Inc. and RBS Securities Inc.
Proceeds are going to repay short-term debt under a capital expenditure credit facility that was incurred to fund utility capital expenditures. The proceeds will also be used to replenish cash used to repay $260 million of 7.69% medium-term notes that matured on Feb. 1.
The electric and natural gas utility is based in Bellevue, Wash.
| Issuer: | Puget Sound Energy, Inc.
|
| Issue: | Senior notes
|
| Amount: | $300 million, increased from $250 million
|
| Maturity: | April 15, 2041
|
| Bookrunners: | KeyBanc Capital Markets Inc., Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc.
|
| Co-managers: | Barclays Capital Inc., Fifth Third Securities Inc., RBS Securities Inc.
|
| Coupon: | 5.638%
|
| Price: | 99.995
|
| Yield: | 5.638%
|
| Spread: | Treasuries plus 118 bps
|
| Call: | Make-whole at Treasuries plus 20 bps until six months prior to maturity, then at par
|
| Trade date: | March 22
|
| Settlement date: | March 25
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
