By Andrea Heisinger
Omaha, April 14 - Virginia Electric & Power Co. priced an upsized $600 million in 5.4% 10-year senior notes Monday to yield Treasuries plus 195 basis points, market sources said.
The size was increased from $500 million.
The notes (Baa1/A-/BBB+) priced at 99.775 to yield 5.429%. They have a make-whole redemption option of Treasuries plus 35 bps.
Bookrunners were Barclays Capital Inc., RBS Greenwich Capital and Wachovia Capital Securities LLC.
Co-managers were Banc of America Securities LLC, Deutsche Bank Securities Inc., BNP Paribas, BNY Capital Markets, Inc., Mizuho Securities USA Inc. and Scotia Capital.
Proceeds will be used for general corporate purposes including repayment of short-term debt.
The utility is based in Richmond, Va.
| Issuer: | Virginia Electric & Power Co.
|
| Issue: | Senior notes
|
| Amount: | $600 million, increased from $500 million
|
| Maturity: | April 30, 2018
|
| Bookrunners: | Barclays Capital Inc., RBS Greenwich Capital, Wachovia Capital Securities LLC
|
| Co-managers: | Banc of America Securities LLC, Deutsche Bank Securities Inc., BNP Paribas, BNY Capital Markets, Inc., Mizuho Securities USA Inc., Scotia Capital
|
| Coupon: | 5.4%
|
| Price: | 99.775
|
| Yield: | 5.429%
|
| Spread: | Treasuries plus 195 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Trade date: | April 14
|
| Settlement date: | April 17
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: BBB+
|
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