By Cristal Cody
Tupelo, Miss., Dec. 3 – Wisconsin Electric Power Co. priced $300 million of 2.05% five-year notes on Tuesday at a spread of 52 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The debentures (A2/A-/A+) were initially talked to print in the 70 bps spread area.
The bonds priced at 99.981 to yield 2.054%.
BNP Paribas Securities Corp., Mizuho Securities USA Inc., RBC Capital Markets LLC and Scotia Capital (USA) Inc. were the bookrunners.
Proceeds will be used to repay at maturity $250 million of 4.25% debentures due Dec. 15, 2019, to repay short-term debt and for working capital and other corporate purposes.
Wisconsin Electric Power is a Milwaukee-based subsidiary of WEC Energy Group, Inc.
| Issuer: | Wisconsin Electric Power Co.
|
| Amount: | $300 million
|
| Description: | Debentures
|
| Maturity: | Dec. 15, 2024
|
| Bookrunners: | BNP Paribas Securities Corp., Mizuho Securities USA Inc., RBC Capital Markets LLC and Scotia Capital (USA) Inc.
|
| Co-manager: | Siebert Williams Shank & Co. LLC
|
| Coupon: | 2.05%
|
| Price: | 99.981
|
| Yield: | 2.054%
|
| Spread: | Treasuries plus 52 bps
|
| Call features: | Make-whole call before Nov. 15, 2024 at greater of par or Treasuries plus 10 bps; thereafter at par
|
| Trade date: | Dec. 3
|
| Settlement date: | Dec. 10
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 70 bps area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
