Tucson Electric to repay municipals, bank debt with note proceeds

By Ashley Montgomery

Kansas City, Kan., Nov. 3 - Tucson Electric Power Co. intends to use the proceeds of an offering of $250 million notes to redeem up to $150 million of its tax-exempt variable-rate debt due 2018 to 2020, redeem outstanding series of fixed rate debt and repay outstanding amounts under its revolving credit facility, according to the company's preliminary prospectus supplement filed Thursday with the Securities and Exchange Commission.

The company is offering $250 million principal amount of notes due Nov. 15, 2021.

U.S. Bank, NA is the trustee.

Tucson Electric is a Tucson, Ariz., electric company.

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