Virginia Electric to price $750 million five-, 30-year notes Thursday

By Andrea Heisinger

New York, Jan. 3 - Virginia Electric Power Co. is expected to price $750 million of senior notes in two maturities on Thursday, according to an informed source and a filing with the Securities and Exchange Commission.

The sale includes a tranche of five-year notes talked in the Treasuries plus 60 basis points area, and 30-year bonds with guidance in the low 100 bps area.

The five-year notes have a make-whole call until December 2017 with a par call after, while the 30-year bonds have a make-whole call until July 2042, and a par call after.

The bookrunners are Bank of America Merrill Lynch, Citigroup Global Markets Inc., Goldman Sachs & Co. and Scotia Capital (USA) Inc.

Proceeds will be used for general corporate purposes including repayment of short-term debt.

The electric utility is based in Richmond, Va.

© 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.