By Cristal Cody
Tupelo, Miss., May 18 – Duke Energy Ohio, Inc. priced $400 million of 2.125% 10-year first mortgage bonds (A2/A) on Monday at a spread of 140 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The issue was talked to print in the 175 bps over Treasuries area.
The bonds priced at 99.937 to yield 2.132%.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and PNC Capital Markets LLC were the bookrunners.
Proceeds will be used to repay short-term debt and for general corporate purposes.
The Charlotte, N.C.-based company generates, transmits, distributes and sells electricity and is a wholly owned subsidiary of Duke Energy Corp.
Issuer: | Duke Energy Ohio, Inc.
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Amount: | $400 million
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Description: | First mortgage bonds
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Maturity: | June 1, 2030
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Bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and PNC Capital Markets LLC
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Co-managers: | KeyBanc Capital Markets Inc. and Loop Capital Markets LLC
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Coupon: | 2.125%
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Price: | 99.937
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Yield: | 2.132%
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Spread: | Treasuries plus 140 bps
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Call features: | Make-whole call before March 1, 2030 at greater of par and Treasuries plus 25 bps; thereafter at par
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Trade date: | May 18
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Settlement date: | May 21
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Ratings: | Moody’s: A2
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| S&P: A
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Distribution: | SEC registered
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Price guidance: | Treasuries plus 175 bps area
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