By Aleesia Forni
Virginia Beach, Feb. 4 - Virginia Electric & Power Co. came to Tuesday's market to price $750 million of senior notes (A2/A-/A-) in two tranches, according to a syndicate source and an FWP filed with the Securities and Exchange Commission.
The sale included $350 million of 3.45% 10-year notes sold with a spread of Treasuries plus 85 basis points, or 99.798 to yield 3.474%.
A second tranche was $400 million of 4.45% notes due 2044 priced at 90 bps over Treasuries.
Pricing was at 99.212 to yield 4.498%.
BNP Paribas Securities Corp., UBS Investment Bank and Deutsche Bank Securities Inc. were the joint bookrunners.
The company plans to use proceeds for general corporate purposes, including the repayment of short-term debt.
The electric utility is based in Richmond, Va.
| Issuer: | Virginia Electric Power Co.
|
| Issue: | Senior notes
|
| Amount: | $750 million
|
| Joint bookrunners: | BNP Paribas Securities Corp., Deutsche Bank Securities Inc., UBS Securities LLC
|
| Trade date: | Feb. 4
|
| Settlement date: | Feb. 7
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A-
|
|
|
| Notes due 2024
|
| Amount: | $350 million
|
| Maturity: | Feb. 15, 2024
|
| Coupon: | 3.45%
|
| Price: | 99.798
|
| Yield: | 3.474%
|
| Spread: | Treasuries plus 85 bps
|
| Price talk: | Treasuries plus 90 bps area
|
| Make-whole call: | Treasuries plus 15 bps prior to Nov. 15, 2023, then callable at par
|
|
|
| Notes due 2044
|
| Amount: | $400 million
|
| Maturity: | Feb. 15, 2044
|
| Coupon: | 4.45%
|
| Price: | 99.212
|
| Yield: | 4.498%
|
| Spread: | Treasuries plus 90 bps
|
| Price talk: | Treasuries plus 95 bps area
|
| Make-whole call: | Treasuries plus 15 bps prior to Aug. 15, 2043, then callable at par
|
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