By Aleesia Forni
Virginia Beach, Aug. 20 – Aquarion Co. priced $360 million of 4% 10-year notes at Treasuries plus 165 basis points on Tuesday, according to a market source.
Pricing was at the tight end of talk, which was set at Treasuries plus 160 bps to 165 bps.
The notes (Baa3/BBB-/) sold at 99.578 to yield 4.052%.
RBS Securities Inc., J.P. Morgan Securities LLC and Scotiabank were the bookrunners.
The deal was done via Rule 144A and Regulation S.
Proceeds will be used to repay parent company Aquarion Holdings, LLC’s $345 million term loan due 2016.
The utility is based in Bridgeport, Conn.
| Issuer: | Aquarion Co.
|
| Amount: | $360 million
|
| Description: | Senior notes
|
| Maturity: | Aug. 15, 2024
|
| Bookrunners: | RBS Securities Inc., J.P. Morgan Securities LLC, Scotiabank
|
| Coupon: | 4%
|
| Price: | 99.578
|
| Yield: | 4.052%
|
| Spread: | Treasuries plus 165 bps
|
| Trade date: | Aug. 19
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor's: BBB-
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | Treasuries plus 160 bps to 165 bps
|
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