By Lisa Kerner
Charlotte, N.C., Sept. 1 - UIL Holdings Corp. wholly owned subsidiary Southern Connecticut Gas Co. entered into a note purchase agreement on Monday for the sale of $50 million of first mortgage bonds, according to a form 8-K filing with the Securities and Exchange Commission.
Southern Connecticut Gas will place with New York Life Insurance Co., New York Life Insurance and Annuity Corp. and Thrivent Financial for Lutherans:
• $25 million of 3.88% secured medium-term notes, series MTN-IV due Sept. 22, 2021; and
• $25 million of 5.39% secured medium-term notes, series MTN-IV due Sept. 22, 2041.
The notes have a make-whole call at Treasuries plus 50 bps.
Funding is expected to occur on Sept. 22, subject to certain conditions, the filing said.
Proceeds will be used by Southern Connecticut Gas to repay maturing debt, to fund various capital expenditures and working capital needs and for general corporate purposes.
UIL Holdings is a subsidiary of electricity provider United Illuminating Co. and based in New Haven, Conn.
| Issuer: | Southern Connecticut Gas Co.
|
| Issue: | Secured medium-term notes, series MTN-IV
|
| Amount: | $50 million
|
| Call option: | Make-whole at Treasuries plus 50 bps
|
| Pricing date: | Aug. 29
|
| Settlement date: | Sept. 22
|
| Distribution: | Private placement
|
| Purchasers: | New York Life Insurance Co., New York Life Insurance and Annuity Corp. and Thrivent Financial for Lutherans
|
|
|
| Series 1
|
| Amount: | $25 million
|
| Maturity: | Sept. 22, 2021
|
| Coupon: | 3.88%
|
|
|
| Series 2
|
| Amount: | $25 million
|
| Maturity: | Sept. 22, 2041
|
| Coupon: | 5.39%
|
© 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.
