By Andrea Heisinger
Omaha, Nov. 27 - Virginia Electric & Power Co. priced and upsized $1.05 billion of notes in five- and 30-year tranches Tuesday, an informed source said.
A $600 million tranche of 5.1% five-year notes priced at 99.966 to yield 5.108%, or Treasuries plus 175 basis points. The tranche has a make-whole call at Treasuries plus 25 bps.
A $450 million tranche of 6.35% 30-year notes priced at 99.775 to yield 6.367%, or Treasuries plus 200 bps. The tranche has a make-whole call at Treasuries plus 30 bps. This tranche was upsized from $400 million.
Bookrunners were Goldman Sachs, Merrill Lynch, Morgan Stanley and Wachovia Securities.
Proceeds will be used for general corporate purposes, including intercompany debt.
The subsidiary of Dominion Resources, Inc. is based in Richmond, Va.
| Issuer: | Virginia Electric & Power Co.
|
| Issue: | Notes
|
| Total amount: | $1.05 billion, upsized from $1 billion
|
| Bookrunners: | Goldman Sachs, Merrill Lynch, Morgan Stanley, Wachovia Securities
|
| Trade date: | Nov. 27
|
| Settlement date: | Dec. 4
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
|
|
| Five-year tranche
|
| Amount: | $600 million
|
| Maturity: | Nov. 30, 2012
|
| Coupon: | 5.10%
|
| Price: | 99.966
|
| Yield: | 5.108%
|
| Spread: | Treasuries plus 175 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
|
|
| 30-year tranche
|
| Amount: | $450 million, upsized from $400 million
|
| Maturity: | Nov. 30, 2037
|
| Coupon: | 6.35%
|
| Price: | 99.775
|
| Yield: | 6.367%
|
| Spread: | Treasuries plus 200 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
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