By Andrea Heisinger
Omaha, Sept. 6 - Virginia Electric & Power Co. priced $600 million of 10-year 5.95% senior notes (Baa1/BBB) Thursday to yield Treasuries plus 150 basis points.
The notes have a price of 99.612 and a yield of 6.002%.
Bookrunners are Goldman, Sachs & Co. and Lehman Brothers Inc.
Proceeds will be used for general corporate purposes, including repayment of short-term debt.
The regulated public utility is based in Richmond, Va., and generates, transmits and distributes electricity in Virginia and North Carolina.
| Issuer: | Virginia Electric & Power Co.
|
| Issue: | Senior notes
|
| Amount: | $600 million
|
| Maturity: | Sept. 15, 2017
|
| Bookrunners: | Goldman, Sachs & Co., Lehman Brothers Inc.
|
| Coupon: | 5.95%
|
| Price: | 99.612
|
| Yield: | 6.002%
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Trade date: | Sept. 6
|
| Settlement date: | Sept. 11
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
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