By Andrea Heisinger
New York, Dec. 5 - Wisconsin Electric Power Co. has priced $250 million of 3.65% 30-year debentures (A2/A-/A+) on Wednesday at a spread of Treasuries plus 90 basis points, according to an FWP filing with the Securities and Exchange Commission.
Pricing was at 99.602 to yield 3.672%. There's a make-whole call at Treasuries plus 15 bps until June 15, 2042, with a par call after that date.
Bookrunners were Barclays, Goldman Sachs & Co., Mitsubishi UFJ Securities (USA) Inc. and Morgan Stanley & Co. LLC.
Proceeds will be used to repay short-term debt, for working capital and for general corporate purposes.
Wisconsin Electric last tapped the bond market for a $300 million sale of 2.95% 10-year notes at Treasuries plus 105 bps on Sept. 7, 2011.
The electric, natural gas and steam utility subsidiary of Wisconsin Energy Corp. is based in Milwaukee.
| Issuer: | Wisconsin Electric Power Co.
|
| Issue: | Debentures
|
| Amount: | $250 million
|
| Maturity: | Dec. 15, 2042
|
| Bookrunners: | Barclays, Goldman Sachs & Co., Mitsubishi UFJ Securities (USA) Inc., Morgan Stanley & Co. LLC
|
| Co-managers: | KeyBanc Capital Markets Inc., PNC Capital Markets LLC
|
| Coupon: | 3.65%
|
| Price: | 99.602
|
| Yield: | 3.672%
|
| Spread: | Treasuries plus 90 bps
|
| Call: | Make-whole at Treasuries plus 15 bps to June 15, 2042, par call after
|
| Trade date: | Dec. 5
|
| Settlement date: | Dec. 11
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A+
|
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