By Andrea Heisinger
New York, June 10 - Wisconsin Electric Power Co. completed a $250 million sale of 1.7% five-year debentures (A2/A-/A+) Monday at a price of Treasuries plus 58 basis points, according to an FWP filing with the Securities and Exchange Commission.
The bonds were sold at the tight end of guidance that was in the 60 bps area, a market source said.
Pricing was at par to yield 1.7%. There is a make-whole call at 10 bps over Treasuries until May 15, 2018, with a par call after that date.
Bookrunners were J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc. and Wells Fargo Securities LLC.
Proceeds will be used to repay short-term debt, for working capital and for other general corporate purposes.
Wisconsin Electric was last in the U.S. bond market with a $250 million offering of 30-year bonds on Dec. 5, 2012.
The energy company is based in Milwaukee.
| Issuer: | Wisconsin Electric Power Co.
|
| Issue: | Debentures
|
| Amount: | $250 million
|
| Maturity: | June 15, 2018
|
| Bookrunners: | J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Wells Fargo Securities LLC
|
| Co-manager: | Blaylock Robert Van LLC
|
| Coupon: | 1.7%
|
| Price: | Par
|
| Yield: | 1.7%
|
| Spread: | Treasuries plus 58 bps
|
| Call: | Make-whole at Treasuries plus 10 bps to May 15, 2018, par call after
|
| Trade date: | June 10
|
| Settlement date: | June 13
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A+
|
| Price talk: | 60 bps area
|
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