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El Paso Electric wraps $190 million bonds; Residential Secure plans £53 million
By Devika Patel
Knoxville, Tenn., June 29 –The week ended with two new private placements reported: El Paso, Texas, electric utility El Paso Electric Co. said it placed $190 million of senior notes, some of which were issued by a subsidiary and guaranteed by the parent, and London-based real estate investment trust Residential Secure Income plc said that it arranged a £53 million private placement of 3.4507% debt due 2043.
El Paso Electric sells notes
El Paso Electric announced that subsidiary Rio Grande Resources Trust II priced and concluded a $65 million private placement of 4.07% senior notes due Aug. 15, 2025 and the parent concluded a $125 million private placement of 4.22% senior notes due Aug. 25, 2028.
The 2025 notes will be guaranteed by El Paso Electric.
U.S. Bancorp Investments Inc. and MUFG were the agents.
Proceeds will be used to repay short-term borrowings under the company’s revolving credit facility to finance nuclear fuel purchases, for working capital and for general corporate purposes.
Residential Secure Income
Residential Secure Income negotiated a £53 million private placement of 25-year 3.4507% debt.
Proceeds will be used for two acquisitions, totaling £54 million, which are expected to close in July and August.
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