By Devika Patel
Knoxville, Tenn., June 5 – Puget Sound Energy, Inc. sold $600 million of 4.223% 30-year senior notes (A2/A-/A) at par on Monday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced with a spread of Treasuries plus 113 basis points.
BofA Merrill Lynch, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Barclays, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used to repay at maturity $200 million of the company’s 6.47% senior secured notes due June 15, 2018, to pay down a portion of its commercial paper and for general corporate purposes.
Puget Sound Energy is a Bellevue, Wash.-based electric utility company.
| Issuer: | Puget Sound Energy, Inc.
|
| Amount: | $600 million
|
| Description: | Senior notes
|
| Maturity: | June 15, 2048
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Mizuho Securities USA Inc., Barclays, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC
|
| Co-managers: | RBC Capital Markets Corp. and TD Securities (USA) LLC
|
| Coupon: | 4.223%
|
| Price: | Par
|
| Yield: | 4.223%
|
| Spread: | Treasuries plus 113 bps
|
| Call feature: | Make-whole call at Treasuries plus 20 bps until Dec. 15, 2047 and then a par call
|
| Trade date: | June 4
|
| Settlement date: | June 14
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
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