By Andrea Heisinger
New York, Nov. 12 - Georgia Power Co. priced $400 million 6% five-year senior notes Wednesday at Treasuries plus 360 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A/A+) priced at 99.936 to yield 6.016%. They have a make-whole redemption option of Treasuries plus 50 bps.
The issue priced in line with price talk, a source said.
Bookrunners were Banc of America Securities LLC, Goldman Sachs & Co. and Barclays Capital.
Co-managers were Mitsubishi UFJ Securities Inc. and RBS Greenwich Capital.
Proceeds will be used to repay a portion of outstanding short-term debt and for general corporate purposes. This includes the company's continuous construction program.
The utility subsidiary of the Southern Co. is based in Atlanta.
| Issuer: | Georgia Power Co.
|
| Issue: | Senior notes
|
| Amount: | $400 million
|
| Maturity: | Nov. 1, 2013
|
| Bookrunners: | Banc of America Securities LLC, Goldman Sachs & Co., Barclays Capital
|
| Co-managers: | Mitsubishi UFJ Securities Inc., RBS Greenwich Capital
|
| Coupon: | 6%
|
| Price: | 99.936
|
| Yield: | 6.016%
|
| Spread: | Treasuries plus 360 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Nov. 12
|
| Settlement date: | Nov. 19
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Price talk: | 360 bps area
|
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