By Cristal Cody
Tupelo, Miss., Sept. 13 – Washington Gas Light Co. (A1/A/A) priced a $200 million tap of its 3.796% series K medium-term notes due Sept. 15, 2046 on Wednesday at 98.528 and a spread of 110 basis points over Treasuries, according to a market source and a 424B5 filing with the Securities and Exchange Commission.
The notes tightened from initial talk in the Treasuries plus 125 bps area.
MUFG, RBC Capital Markets, LLC, BB&T Capital Markets and U.S. Bancorp Investments Inc. were the bookrunners.
The company originally priced $250 million of the notes at par on Sept. 13, 2016. The total outstanding now is $450 million.
Proceeds will be used to retire short-term debt primarily used to fund the company’s capital expenditure program and for general corporate purposes.
Washington Gas Light is a Washington, D.C.-based natural gas utility.
| Issuer: | Washington Gas Light Co.
|
| Amount: | $200 million reopening
|
| Description: | Medium-term notes
|
| Maturity: | Sept. 15, 2046
|
| Bookrunners: | MUFG, RBC Capital Markets, LLC, BB&T Capital Markets and U.S. Bancorp Investments Inc.
|
| Coupon: | 3.796%
|
| Price: | 98.528
|
| Spread: | Treasuries plus 110 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps before March 15, 2046; thereafter at par
|
| Trade date: | Sept. 13
|
| Settlement date: | Sept. 18
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Total outstanding: | $450 million, including $250 million of the notes priced at par on Sept. 13, 2016
|
| Price guidance: | Treasuries plus 125 bps area
|
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