By Andrea Heisinger
New York, May 24 - Georgia Power Co. priced an upsized $600 million of 5.4% 30-year senior unsecured notes on Monday to yield Treasuries plus 135 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The size was initially $350 million.
The notes (A2/A/A+) priced at 99.339 to yield 5.445%. They have a make-whole call at Treasuries plus 20 bps.
Bookrunners were Bank of America Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities Inc., RBS Securities Inc. and SunTrust Robinson Humphrey Inc.
Co-managers were Deutsche Bank Securities Inc., U.S. Bancorp Investments Inc., Scotia Capital (USA) Inc., CastleOak Securities LP, Guzman & Co., Williams Capital Group LP and Toussaint Capital Partners LLC.
Proceeds will be used to redeem all or a portion of the $200 million 6% senior notes due Oct. 15, 2033 and the $150 million 5.9% notes due April 15, 2033, to repay part of the $322 million in short-term debt and for general corporate purposes, including construction.
The subsidiary of the Southern Co. is based in Atlanta.
| Issuer: | Georgia Power Co.
|
| Issue: | Senior unsecured notes
|
| Amount: | $600 million, increased from $350 million
|
| Maturity: | June 1, 2040
|
| Bookrunners: | Bank of America Merrill Lynch, Goldman Sachs & Co., J.P. Morgan Securities Inc., RBS Securities Inc., SunTrust Robinson Humphrey Inc.
|
| Co-managers: | Deutsche Bank Securities Inc., U.S. Bancorp Investments Inc., Scotia Capital (USA) Inc., CastleOak Securities LP, Guzman & Co., Williams Capital Group LP, Toussaint Capital Partners LLC
|
| Coupon: | 5.4%
|
| Price: | 99.339
|
| Yield: | 5.445%
|
| Spread: | Treasuries plus 135 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Trade date: | May 24
|
| Settlement date: | June 3
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
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