By Cristal Cody
Tupelo, Miss., Nov. 19 – Wisconsin Public Service Corp. priced $400 million of 3.35% three-year senior notes on Monday at a spread of 55 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A-/A+) priced at 99.935 to yield 3.373%.
Morgan Stanley & Co. LLC, MUFG and RBC Capital Markets, LLC were the bookrunners.
Proceeds will be used to repay all $250 million of the company’s 1.65% senior notes at maturity on Dec. 4, 2018, to repay short-term debt and for working capital and other corporate purposes.
The subsidiary of Integrys Energy Group, Inc. is based in Green Bay, Wis.
| Issuer: | Wisconsin Public Service Corp.
|
| Amount: | $400 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 21, 2021
|
| Bookrunners: | Morgan Stanley & Co. LLC, MUFG and RBC Capital Markets, LLC
|
| Senior co-manager: | BMO Capital Markets Corp.
|
| Co-managers: | Samuel A. Ramirez & Co. Inc. and WR Securities, LLC
|
| Coupon: | 3.35%
|
| Price: | 99.935
|
| Yield: | 3.373%
|
| Spread: | Treasuries plus 55 bps
|
| Call feature: | Make-whole call at greater of par or Treasuries plus 10 bps
|
| Trade date: | Nov. 19
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody’s: A2
|
| S&P: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
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