By Stephanie N. Rotondo
Portland, Ore., Aug. 1 - United Illuminating Co. agreed a $150 million private placement of debt in three tranches with institutional investors on Tuesday.
The deal was made up of:
• Series A: $50 million principal amount of 6.46% senior notes due Nov. 3, 2018;
• Series B: $50 million principal amount of 6.51% senior notes due Dec. 1, 2018; and
• Series C: $50 million principal amount of 6.61% senior notes due Dec. 1, 2020.
The first tranche will close on Nov. 3. The following tranches will close on Dec. 1.
Banc of America Securities LLC was placement agent.
Buyers of the debt include Allianz Life Insurance Co. of North America; Babson Capital Management LLC for C.M. Life Insurance Co. and Massachusetts Mutual Life Insurance Co.; 40/86 Advisors, Inc. for Bankers Life and Casualty Co. /Conseco Life Insurance Co.; CoBank, ACB; Cigna Investments, Inc. for Connecticut General Life Insurance Co. and Life Insurance Co. of North America; Hartford Investment Management Co. for Hartford Life Insurance Co., Hartford Fire Insurance Co., Hartford Life and Accident Insurance Co., Hartford Life and Annuity Insurance Co. and Hartford Accident and Indemnity Co.; Metropolitan Life Insurance Co.; Mutual of Omaha Insurance Co.; United of Omaha Insurance Co.; Protective Life Insurance Co.; State Farm Life Insurance Co.; and Thrivent Financial for Lutherans, according to an 8-K filing with the Securities and Exchange Commission by United Illuminating's parent UIL Holdings Corp.
United Illuminating is a New Haven, Conn.-based electric transmission and distribution utility.
| Issuer: | United Illuminating Co.
|
| Security description: | Senior notes
|
| Amount: | $150 million
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Placement agent: | Banc of America Securities LLC
|
| Pricing date: | July 29
|
| Distribution: | Private placement
|
|
|
| Series A
|
| Amount: | $50 million
|
| Maturity: | Nov. 3, 2018
|
| Coupon: | 6.46%
|
| Settlement: | Nov. 3
|
|
|
| Series B
|
| Amount: | $50 million
|
| Maturity: | Dec. 1, 2018
|
| Coupon: | 6.51%
|
| Settlement: | Dec. 1
|
|
|
| Series C
|
| Amount: | $50 million
|
| Maturity: | Dec. 1, 2020
|
| Coupon: | 6.61%
|
| Settlement: | Dec. 1
|
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