By Cristal Cody
Tupelo, Miss., Nov. 20 – Virginia Electric and Power Co. sold $550 million of 3.3% senior notes due Dec. 1, 2049 (A2/BBB+/A) on Wednesday at a spread of 110 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.811 to yield 3.31%.
Deutsche Bank Securities Inc., MUFG, SunTrust Robinson Humphrey Inc. and TD Securities (USA) 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: | $550 million
|
| Description: | 2019 series B senior notes
|
| Maturity: | Dec. 1, 2049
|
| Bookrunners: | Deutsche Bank Securities Inc., MUFG, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC
|
| Co-managers: | BB&T Capital Markets and Cabrera Capital Markets, LLC
|
| Coupon: | 3.3%
|
| Price: | 99.811
|
| Yield: | 3.31%
|
| Spread: | Treasuries plus 110 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps before June 1, 2049; thereafter at par
|
| Trade date: | Nov. 20
|
| Settlement date: | Dec. 5
|
| Ratings: | Moody’s: A2
|
| S&P: BBB+
|
| Fitch: A
|
| Distribution: | SEC registered
|
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