Published on 5/11/2015 in the Prospect News Investment Grade Daily.
New Issue: Puget Sound prices $425 million 4.3% notes due 2045 at 130 bps spread
By Aleesia Forni
Virginia Beach, May 11 – Puget Sound Energy Inc. priced $425 million of 4.3% 30-year first mortgage bonds at Treasuries plus 130 basis points on Monday, a market source said.
The notes (A2/A-/) sold at the tight end of guidance.
Proceeds will be used to redeem the company’s $150 million 5.197% senior secured notes due Oct. 1, 2015, which have an interest rate of 5.197%, and $250 million 6.75% senior secured notes due Jan. 15, 2016.
Puget Sound Energy is a Bellevue, Wash.-based electric utility company.
Issuer: | Puget Sound Energy Inc.
|
Amount: | $425 million
|
Description: | First mortgage bonds
|
Maturity: | May 20, 2045
|
Bookrunners: | J.P. Morgan Securities LLC, MUFG, Scotia Capital (USA) Inc.
|
Senior co-managers: | SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc., CIBC
|
Co-managers: | TD Securities, RBC Capital Markets LLC
|
Coupon: | 4.3%
|
Spread: | 130 bps over Treasuries
|
Trade date: | May 11
|
Ratings: | Moody’s: A2
|
| Standard & Poor’s: A-
|
Distribution: | SEC registered
|
Price guidance: | 130 bps to 135 bps over Treasuries
|
© 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.