By Andrea Heisinger
New York, Nov. 3 - Virginia Electric & Power Co. priced $700 million 8.875% 30-year notes Monday to yield Treasuries plus 456.3 basis points, an informed source said.
The notes price in line with price talk that was in the 9% area, the source said.
The notes (Baa1/A-/A-) priced at 99.995 to yield 8.875%. They have a make-whole redemption option of Treasuries plus 50 bps.
Bookrunners were Citigroup Global Markets Inc., Goldman Sachs & Co. and RBS Greenwich Capital.
Co managers were Deutsche Bank Securities, UBS Investment Bank, Bank of New York Mellon Capital, KBC Financial Products, Scotia Capital and the Williams Capital Group.
The subsidiary of Dominion is based in Richmond, Va.
| Issuer: | Virginia Electric & Power Co.
|
| Issue: | Senior notes
|
| Amount: | $700 million
|
| Maturity: | Nov. 15, 2038
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., RBS Greenwich Capital
|
| Co-managers: | Deutsche Bank Securities, UBS Investment Bank, Bank of New York Mellon Capital, KBC Financial Products, Scotia Capital, the Williams Capital Group
|
| Coupon: | 8.875%
|
| Price: | 99.995
|
| Yield: | 8.875%
|
| Spread: | Treasuries plus 456.3 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Nov. 3
|
| Settlement date: | Nov. 6
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Price talk: | 9% area
|
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