By Andrea Heisinger
New York, Aug. 25 - Virginia Electric & Power Co. priced $300 million of 3.45% 12-year senior notes on Wednesday to yield Treasuries plus 100 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes priced in line with talk in the low 100 bps over Treasuries.
The notes (Baa1/A-/A-) priced at 99.786 to yield 3.472%. They have a make-whole call at Treasuries plus 15 bps before June 1, 2022, and at par on or after that date.
Bookrunners were Bank of America Merrill Lynch, RBS Securities Inc. and Wells Fargo Securities LLC.
Proceeds are being used for general corporate purposes, including prefunding of fourth-quarter capital needs and repayment of short-term debt, including intercompany debt owed to parent company Dominion Resources Inc.
The electric utility is based in Richmond, Va.
| Issuer: | Virginia Electric & Power Co.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | Sept. 1, 2022
|
| Bookrunners: | Bank of America Merrill Lynch, RBS Securities Inc., Wells Fargo Securities LLC
|
| Coupon: | 3.45%
|
| Price: | 99.786
|
| Yield: | 3.472%
|
| Spread: | Treasuries plus 100 bps
|
| Call: | Make-whole at Treasuries plus 15 bps before June 1, 2022, then at par on or after that date
|
| Trade date: | Aug. 25
|
| Settlement date: | Sept. 1
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Price talk: | Low 100 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
