By Cristal Cody
Tupelo, Miss., Oct. 1 – Union Electric Co. placed $550 million of 2.625% green first mortgage bonds due March 15, 2051 on Thursday at 99.522 to yield 2.648%, or a spread of 118 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bonds (A2/A) were talked to print in the Treasuries plus 140 bps area.
Barclays, BofA Securities Inc., RBC Capital Markets, LLC, BNY Mellon Capital Markets LLC and PNC Capital Markets LLC were the bookrunners.
Proceeds will be used to finance or refinance eligible green projects.
Union Electric, doing business as Ameren Missouri, is a subsidiary of St. Louis-based electric and natural gas company Ameren Corp.
| Issuer: | Union Electric Co.
|
| Amount: | $550 million
|
| Description: | Green first mortgage bonds
|
| Maturity: | March 15, 2051
|
| Bookrunners: | Barclays, BofA Securities Inc., RBC Capital Markets, LLC, BNY Mellon Capital Markets LLC and PNC Capital Markets LLC
|
| Co-managers: | KeyBanc Capital Markets Inc., Academy Securities Inc., Drexel Hamilton LLC and Penserra Securities LLC
|
| Coupon: | 2.625%
|
| Price: | 99.522
|
| Yield: | 2.648%
|
| Spread: | Treasuries plus 118 bps
|
| Call features: | Make-whole call before Sept. 15, 2050 at greater of par or Treasuries plus 20 bps; thereafter at par
|
| Trade date: | Oct. 1
|
| Settlement date: | Oct. 9
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 140 bps area
|
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