By Cristal Cody
Tupelo, Miss., May 8 – Mid-Atlantic Interstate Transmission, LLC sold $450 million of 4.1% 10-year senior notes (Baa1/BBB-/BBB+) at a spread of 115 basis points over Treasuries on Monday, according to a market source.
The notes were placed on the tight side of guidance in the Treasuries plus 120 bps area.
Scotia Capital (USA) Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. and Mizuho Securities USA Inc. were the bookrunners.
Proceeds will be used to refinance short-term debt and fund capital expenditures.
The Akron, Ohio-based company is a transmission facilities owner and operator and subsidiary of FirstEnergy Transmission, LLC.
| Issuer: | Mid-Atlantic Interstate Transmission, LLC
|
| Amount: | $450 million
|
| Description: | Senior notes
|
| Maturity: | May 15, 2028
|
| Bookrunners: | Scotia Capital (USA) Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. and Mizuho Securities USA Inc.
|
| Coupon: | 4.1%
|
| Spread: | Treasuries plus 115 bps
|
| Trade date: | May 7
|
| Settlement date: | May 10
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB-
|
| Fitch: BBB+
|
| Price talk: | Treasuries plus 120 bps area
|
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