By Aleesia Forni
New York, Jan. 12 – Virginia Electric & Power Co. sold an upsized $750 million of 3.15% 10-year series A senior notes on Tuesday at Treasuries plus 105 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The deal was upsized from $500 million.
Pricing was at 99.991 to yield 3.151%.
The notes (A2/A-/A) sold at the tight side of the Treasuries plus 110 bps area guidance and were initially talked in the range of 120 bps to 125 bps over Treasuries.
Citigroup Global Markets Inc., Goldman Sachs & Co. and Morgan Stanley & Co. LLC 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.
|
| Amount: | $750 million
|
| Description: | Series A senior notes
|
| Maturity: | Jan. 15, 2026
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., Morgan Stanley & Co. LLC
|
| Coupon: | 3.15%
|
| Price: | 99.991
|
| Yield: | 3.151%
|
| Spread: | Treasuries plus 105 bps
|
| Make-whole call: | Treasuries plus 20 bps prior to Oct. 15, 2025, then callable at par
|
| Trade date: | Jan. 12
|
| Settlement date: | Jan. 14
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 110 bps area, tightened from Treasuries plus 120 bps to 125 bps
|
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