Deal deluge continues; HP, MPLX, Georgia Power, Unum price

By Rebecca Melvin

New York, Sept. 4 – Issuance in the investment-grade debt market continued at a strong pace on Wednesday with no fewer than 14 issuers announcing deals in the first couple hours of the session.

Hewlett Packard Enterprise Co. priced $1.5 billion of senior notes in two tranches.

The $500 million tranche of 18-month floating-rate notes priced at Libor plus 68 bps.

A $1 billion tranche of 2.25% fixed-rate notes due April 1, 2023 was sold at a spread of Treasuries plus 90 bps.

MPLX LP priced $2 billion in two tranches of floating-rate senior notes. The company sold $1 billion of two-year floating-rate notes with a coupon of Libor plus 90 bps and a $1 billion tranche of three-year floating-rate notes was sold at Libor plus 110 bps.

Georgia Power Co. priced a dual trancher for $750 million of notes, including $400 million 2.2% series 2019B senior notes due Sept. 15, 2024 and $350 million of 2.65% series 2019B senior notes due Sept. 15, 2029.

Chattanooga, Tenn.-based employee benefits company Unum Group priced $450 million of 4.5% 30-year senior notes (Baa2/BBB/BBB) on Wednesday at 99.115 to yield 4.501% and a spread of 255 bps over Treasuries.

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