By Aleesia Forni
Virginia Beach, May 11 – Virginia Electric & Power Co. sold $700 million of senior notes (A2/A-/A) due 2025 and 2045 on Monday, according to an FWP filing with the Securities and Exchange Commission.
The sale included $350 million of 3.1% 10-year series A notes at Treasuries plus 85 basis points. The notes sold at 99.838 to yield 3.119%.
The tranche was talked at the Treasuries plus 105 bps area.
A second tranche was $350 million of 4.2% 30-year series B notes priced at 99.644 to yield 4.221%, or Treasuries plus 120 bps.
The notes were talked in the Treasuries plus 140 bps area.
BNP Paribas Securities Corp., J.P. Morgan Securities LLC and Mizuho Securities are the joint bookrunners.
The company plans to use the 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: | $700 million
|
| Bookrunners: | BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Mizuho Securities USA Inc.
|
| Trade date: | May 11
|
| Settlement date: | May 13
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| 10-year notes
|
| Amount: | $350 million
|
| Maturity: | May 15, 2025
|
| Coupon: | 3.1%
|
| Price: | 99.838
|
| Yield: | 3.119%
|
| Spread: | 85 bps over Treasuries
|
| Price guidance: | 105 bps area over Treasuries
|
| Make-whole call: | 15 bps prior to Feb. 15, 2025, then callable at par
|
|
|
| 30-year bonds
|
| Amount: | $350 million
|
| Maturity: | May 15, 2045
|
| Coupon: | 4.2%
|
| Price: | 99.644
|
| Yield: | 4.221%
|
| Spread: | 120 bps over Treasuries
|
| Price guidance: | 140 bps area over Treasuries
|
| Make-whole call: | 20 bps prior to Nov. 15, 2044, then callable at par
|
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