By Andrea Heisinger
New York, Feb. 4 - Georgia Power Co. priced $500 million 5.95% 30-year senior notes Wednesday to yield Treasuries plus 225 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A/A+) priced at 99.628 to yield 5.977%. They have a make-whole call of Treasuries plus 40 bps.
Bookrunners were Barclays Capital Inc., Mitsubishi UFJ Securities, SunTrust Robinson Humphrey and Wachovia Capital Markets.
Co-managers were Calyon and Utendahl Capital Group LLC.
Proceeds will be used to repay $150 million of floating-rate notes at maturity on Feb. 17, to repay a portion of outstanding short-term debt and for general corporate purposes. This includes the company's continuous construction program.
The electric subsidiary of the the Southern Co. is based in Atlanta.
| Issuer: | Georgia Power Co.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | Feb. 1, 2039
|
| Bookrunners: | Barclays Capital Inc., Mitsubishi UFJ Securities, SunTrust Robinson Humphrey, Wachovia Capital Markets
|
| Co-managers: | Calyon, Utendahl Capital Group LLC
|
| Coupon: | 5.95%
|
| Price: | 99.628
|
| Yield: | 5.977%
|
| Spread: | Treasuries plus 225 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Trade date: | Feb. 4
|
| Settlement date: | Feb. 10
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
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