By Andrea Heisinger
New York, Jan. 9 - Virginia Electric & Power Co. sold $450 million of 2.95% 10-year senior notes, 2012 series A, on Monday to yield 105 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/A-/A-) were sold at 99.759 to yield 2.978%. The debt has a make-whole call at Treasuries plus 15 bps until Oct. 15, 2021 and can be redeemed after that date at par.
Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and UBS Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes and to repay short-term debt.
The electric utility is based in Richmond, Va.
| Issuer: | Virginia Electric & Power Co.
|
| Issue: | Senior notes, 2012 series A
|
| Amount: | $450 million
|
| Maturity: | Jan. 15, 2022
|
| Bookrunners: | Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC
|
| Coupon: | 2.95%
|
| Price: | 99.759
|
| Yield: | 2.978%
|
| Spread: | Treasuries plus 105 bps
|
| Call: | Make-whole at Treasuries plus 15 bps until Oct. 15, 2021, after at par
|
| Trade date: | Jan. 9
|
| Settlement date: | Jan. 12
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: A-
|
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