By Andrea Heisinger
New York, March 11 - Virginia Electric & Power Co. sold $500 million of 2.75% 10-year senior notes (A3/A-/A-) on Monday priced at 73 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
Pricing was at 99.688 to yield 2.786%.
The notes will have a make-whole redemption at Treasuries plus 12.5 bps until Dec. 15, 2022 and a par call after that date.
Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and UBS Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including repayment of short-term debt.
The electric utility is based in Richmond, Va.
| Issuer: | Virginia Electric & Power Co.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | March 15, 2023
|
| Bookrunners: | Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, UBS Securities LLC
|
| Coupon: | 2.75%
|
| Price: | 99.688
|
| Yield: | 2.786%
|
| Spread: | Treasuries plus 73 bps
|
| Call: | Make-whole at Treasuries plus 12.5 bps to Dec. 15, 2022, par call after
|
| Trade date: | March 11
|
| Settlement date: | March 14
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
| Fitch: A-
|
© 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.
