Published on 2/1/2012 in the Prospect News Private Placement Daily.
New Issue: United Illuminating settles $103.5 million of $203.5 million placement
By Lisa Kerner
Charlotte, N.C., Feb. 1 - United Illuminating Co., a subsidiary of UIL Holdings Corp., agreed to issue $203.5 million of senior notes under a note purchases agreement.
The notes include the following:
• $31 million of 2.98% notes, series A, due Jan. 30, 2019;
• $51.5 million of 3.61% notes, series B, due Jan. 31, 2022;
• $34 million of 3.61% notes, series C, due Jan. 31, 2022;
• $52 million of 4.89% notes, series D, due Jan. 30, 2042; and
• $35 million of 4.89% notes, series E, due Jan. 30, 2042.
The series B notes and series D notes were issued on Jan. 30. The remaining $100 million of notes will be issued on April 2, subject to certain conditions, according to a form 8-K filing with the Securities and Exchange Commission.
United Illuminating is subject to certain covenants under the agreement, including a requirement to maintain a ratio of consolidated debt to consolidated capitalization of not greater than 65%.
The notes have a make-whole call at Treasuries plus 50 basis points. The company must call a minimum of $2 million of notes if it calls less than all of the notes.
Purchasers include American-Amicable Life Insurance Co. of Texas, Catholic United Financial, Occidental Life Insurance Co. of North Carolina, Massachusetts Mutual Life Insurance Co., C.M. Life Insurance Co., MassMutual Asia Ltd., Connecticut General Life Insurance Co., Lincoln Life & Annuity Co. of New York, Lincoln National Life Insurance Co., Genworth Life Insurance Co., Great-West Life & Annuity Insurance Co., Guardian Life Insurance Co. of America, John Hancock Life Insurance Co., (U.S.A.), Union Fidelity Life Insurance Co., Employers Reassurance Co., Metropolitan Life Insurance Co., MetLife Insurance Co. of Connecticut, MetLife Investors USA Insurance Co., American Life Insurance Co. Japan Branch, Modern Woodmen of America, National Guardian Life Insurance Co., New York Life Insurance Co., Northwestern Mutual Life Insurance Co., Southern Farm Bureau Life Insurance Co., State Farm Life Insurance Co. and Thrivent Financial for Lutherans.
United Illuminating is a New Haven, Conn.-based electric transmission and distribution utility.
| Issuer: | United Illuminating Co.
|
| Issue: | Senior notes
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| Amount: | $203.5 million
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| Call option: | Make-whole at Treasuries plus 50 bps
|
| Pricing date: | Jan. 30
|
| Settlement date: | Jan. 30 for series B and series D notes, April 2 for series A, C and E notes
|
| Distribution: | Private placement
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| Purchasers: | American-Amicable Life Insurance Co. of Texas, Catholic United Financial, Occidental Life Insurance Co. of North Carolina, Massachusetts Mutual Life Insurance Co., C.M. Life Insurance Co., MassMutual Asia Ltd., Connecticut General Life Insurance Co., Lincoln Life & Annuity Co. of New York, Lincoln National Life Insurance Co., Genworth Life Insurance Co., Great-West Life & Annuity Insurance Co., Guardian Life Insurance Co. of America, John Hancock Life Insurance Co., (U.S.A.), Union Fidelity Life Insurance Co., Employers Reassurance Co., Metropolitan Life Insurance Co., MetLife Insurance Co. of Connecticut, MetLife Investors USA Insurance Co., American Life Insurance Co. Japan Branch, Modern Woodmen of America, National Guardian Life Insurance Co., New York Life Insurance Co., Northwestern Mutual Life Insurance Co., Southern Farm Bureau Life Insurance Co., State Farm Life Insurance Co. and Thrivent Financial for Lutherans
|
|
|
| Series A notes
|
| Amount: | $31 million
|
| Coupon: | 2.98%
|
| Maturity: | Jan. 30, 2019
|
|
|
| Series B notes
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| Amount: | $51.5 million
|
| Coupon: | 3.61%
|
| Maturity: | Jan. 31, 2022
|
|
|
| Series C notes
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| Amount: | $34 million
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| Coupon: | 3.61%
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| Maturity: | Jan. 31, 2022
|
|
|
| Series D notes
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| Amount: | $52 million
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| Coupon: | 4.89%
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| Maturity: | Jan. 30, 2042
|
|
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| Series E notes
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| Amount: | $35 million
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| Coupon: | 4.89%
|
| Maturity: | Jan. 30, 2042
|
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