By Andrea Heisinger
New York, June 23 - Virginia Electric & Power Co. priced $350 million 5% 10-year senior notes Tuesday to yield Treasuries plus 137.5 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/A-/A-) priced at 99.805 to yield 5.025% and feature a make-whole call at Treasuries plus 25 bps.
Bookrunners were Barclays Capital Inc., Goldman Sachs & Co. and Scotia Capital.
Co-managers were BNP Paribas Securities Corp., Credit Suisse Securities, KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities, Mizuho Securities USA Inc., PNC Securities and UniCredit Capital Markets.
Proceeds will be used for general corporate purposes, including repayment of short-term debt and commercial paper.
The electric company is based in Richmond, Va.
| Issuer: | Virginia Electric & Power Co.
|
| Issue: | Senior notes
|
| Amount: | $350 million
|
| Maturity: | June 30, 2019
|
| Bookrunners: | Barclays Capital Inc., Goldman Sachs & Co., Scotia Capital
|
| Co-managers: | BNP Paribas Securities Corp., Credit Suisse Securities, KeyBanc Capital Markets Inc., Mitsubishi UFJ Securities, Mizuho Securities USA Inc., PNC Securities, UniCredit Capital Markets
|
| Coupon: | 5%
|
| Price: | 99.805
|
| Yield: | 5.025%
|
| Spread: | Treasuries plus 137.5 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Trade date: | June 23
|
| Settlement date: | June 26
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: A-
|
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