Published on 6/22/2021 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: Ameren Illinois sells $450 million two-year mortgage bonds, green 30-year mortgage bonds
By Devika Patel
Knoxville, Tenn., June 22 – Ameren Illinois Co. priced $450 million of first mortgage bonds (A1/A), according to an FWP filing with the Securities and Exchange Commission. The deal priced in two tranches on Tuesday.
The company sold $100 million of 0.375% two-year notes at 99.975 to yield 0.388% with a spread of 15 basis points over Treasuries.
Ameren Illinois priced $350 million of 3.9% 30-year green notes at 80 bps over Treasuries. These notes were priced at 99.583 to yield 2.921%.
RBC Capital Markets LLC, TD Securities (USA) LLC, Truist Securities Inc., Wells Fargo Securities LLC, BNY Mellon Capital Markets LLC, KeyBanc Capital Markets Inc. and U.S. Bancorp Investments Inc. were the joint bookrunning managers.
Proceeds will be used to repay short-term debt.
Ameren Illinois is a subsidiary of St. Louis-based electric and natural gas company Ameren Corp.
| Issuer: | Ameren Illinois Co.
|
| Amount: | $450 million
|
| Description: | First mortgage bonds
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| Bookrunners: | RBC Capital Markets LLC, TD Securities (USA) LLC, Truist Securities Inc., Wells Fargo Securities LLC, BNY Mellon Capital Markets LLC, KeyBanc Capital Markets Inc. and U.S. Bancorp Investments Inc.
|
| Co-managers: | Blaylock Van, LLC, CastleOak Securities LP, Loop Capital Markets LLC and Penserra Securities LLC
|
| Trade date: | June 22
|
| Settlement date: | June 29
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Distribution: | SEC registered
|
|
|
| Two-year bonds
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| Amount: | $100 million
|
| Maturity: | June 15, 2023
|
| Coupon: | 0.375%
|
| Price: | 99.975
|
| Yield: | 0.388%
|
| Spread: | Treasuries plus 15 bps
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| Call feature: | Non-callable
|
|
|
| 30-year green bonds
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| Amount: | $350 million
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| Maturity: | June 15, 2051
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| Coupon: | 2.9%
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| Price: | 99.583
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| Yield: | 2.921%
|
| Spread: | Treasuries plus 80 bps
|
| Call feature: | Make-whole call at Treasuries plus 15 bps until Dec. 15, 2050 and then a par call
|
|
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