By Cristal Cody
Tupelo, Miss., July 8 – Virginia Electric and Power Co. sold $500 million of 2.875% 10-year senior notes (A2/BBB+/A) at a spread of 85 basis points over Treasuries on Monday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.965 to yield 2.879%.
BofA Securities, Inc. and Deutsche Bank Securities Inc. 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.
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| Amount: | $500 million
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| Description: | 2019 Series A senior notes
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| Maturity: | July 15, 2029
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| Bookrunners: | BofA Securities, Inc. and Deutsche Bank Securities Inc.
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| Co-managers: | Academy Securities, Inc. and PNC Capital Markets LLC
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| Coupon: | 2.875%
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| Price: | 99.965
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| Yield: | 2.879%
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| Spread: | Treasuries plus 85 bps
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| Call features: | Make-whole call at Treasuries plus 15 bps before April 15, 2029; thereafter at par
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| Trade date: | July 8
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| Settlement date: | July 10
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| Ratings: | Moody’s: A2
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| S&P: BBB+
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| Fitch: A
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| Distribution: | SEC registered
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