By Cristal Cody
Tupelo, Miss., Nov. 26 – Virginia Electric and Power Co. sold $600 million of 4.6% 30-year senior notes (A2/BBB+/A) at a spread of 132 basis points over Treasuries on Monday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.435 to yield 4.635%.
Deutsche Bank Securities Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes and to repay short-term debt.
The electric utility is based in Richmond, Va.
| Issuer: | Virginia Electric and Power Co.
|
| Amount: | $600 million
|
| Description: | 2018 series B senior notes
|
| Maturity: | Dec. 1, 2048
|
| Bookrunners: | Deutsche Bank Securities Inc., SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC
|
| Co-managers: | Mischler Financial Group, Inc. and PNC Capital Markets LLC
|
| Coupon: | 4.6%
|
| Price: | 99.435
|
| Yield: | 4.635%
|
| Spread: | Treasuries plus 132 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps before June 1, 2048; thereafter at par
|
| Trade date: | Nov. 26
|
| Settlement date: | Nov. 28
|
| Ratings: | Moody’s: A2
|
| S&P: BBB+
|
| Fitch: A
|
| Distribution: | SEC registered
|
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