By Wendy Van Sickle
Columbus, Ohio, Nov. 3 – Georgia Power Co. priced $700 million of series 2023C floating-rate senior notes (Baa1/BBB+/A-) at par with a coupon of compounded SOFR plus 75 basis points on Friday, according to an FWP filing with the Securities and Exchange Commission.
Mizuho Securities USA LLC is the active bookrunner with PNC Capital Markets LLC, Scotia Capital (USA) Inc. and Truist Securities, Inc. as passive bookrunners.
Proceeds will be used to repay all or a portion of the company’s outstanding commercial paper borrowings, which totaled $550 million as of Nov. 2. Any remaining net proceeds will be used for other general corporate purposes, including the company’s continuous construction program.
The electric utility is based in Atlanta.
| Issuer: | Georgia Power Co.
|
| Amount: | $700 million
|
| Issue: | Floating-rate senior notes
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| Maturity: | May 8, 2025
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| Bookrunners: | Mizuho Securities USA LLC (active), PNC Capital Markets LLC, Scotia Capital (USA) Inc. and Truist Securities, Inc. (passive)
|
| Co-manager: | TD Securities (USA) LLC
|
| Trustee: | Computershare Trust Co., NA
|
| Counsel to issuer: | Troutman Pepper Hamilton Sanders LLP
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| Counsel to underwriters: | Hunton Andrews Kurth LLP
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| Coupon: | SOFR plus 75 bps
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| Price: | Par
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| Yield: | SOFR plus 75 bps
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| Trade date: | Nov. 3
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| Settlement date: | Nov. 8
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| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: A-
|
| Distribution: | SEC registered
|
| Cusip: | 373334KU4
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