By Andrea Heisinger
Omaha, Dec. 6 - West Penn Power Co. priced $275 million in 5.95% 10-year first mortgage notes Thursday to yield 200 basis points more than Treasuries, market sources said.
The Rule 144A notes (Baa2/BBB+) priced at 99.723 to yield 5.987%.
The notes are non-callable.
Bookrunners were Barclays Capital Inc., J.P. Morgan Securities Inc. and Scotia Capital.
The electric and natural gas company is based in Greensburg, Pa.
| Issuer: | West Penn Power Co.
|
| Issue: | First mortgage notes
|
| Amount: | $275 million
|
| Maturity: | Dec. 15, 2017
|
| Bookrunners: | Barclays Capital Inc., J.P. Morgan Securities Inc., Scotia Capital
|
| Coupon: | 5.95%
|
| Price: | 99.723
|
| Yield: | 5.987%
|
| Spread: | Treasuries plus 200 bps
|
| Call: | Non-callable
|
| Trade date: | Dec. 6
|
| Settlement date: | Dec. 11
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Distribution: | Rule 144A
|
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