By Andrea Heisinger
New York, Sept. 20 - Georgia Power Co. sold an upsized $500 million of 1.3% three-year series 2010D senior unsecured notes on Monday to yield a spread of 60 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
They were priced at the tight end of talk which was for a spread in the range of 60 to 62 bps. The size was increased from $350 million.
The notes (A3/A/A+) priced at 99.887 to yield 1.339%. They have a make-whole call at Treasuries plus 10 bps.
Bookrunners were Bank of America Merrill Lynch, Barclays Capital Inc. and Mizuho Securities USA Inc.
The co-manager was Commerzbank Markets LLC.
Proceeds will be used for the proposed repurchase of all or part of: the $114.31 million in outstanding Development Authority of Burke County Pollution Control revenue bonds due Jan. 1, 2049, the $40 million of outstanding Development Authority of Monroe County Pollution Control revenue bonds due Jan. 1, 2049, $173 million of the outstanding Development Authority of Bartow County (Georgia) Pollution Control revenue bonds due Dec. 1, 2032, $89.2 million of the outstanding Development Authority of Monroe County Pollution Control Revenue Bonds due Oct. 1, 2048 and $46 million of the outstanding Development Authority of Burke County Pollution Control revenue bonds due Oct. 1, 2032. Any remainder will be used for other general corporate purposes, including the company's continuous construction program.
The utility subsidiary of Southern Co. is based in Atlanta.
| Issuer: | Georgia Power Co.
|
| Issue: | Series 2010D senior unsecured notes
|
| Amount: | $500 million, increased from $350 million
|
| Maturity: | Sept. 15, 2013
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., Mizuho Securities USA Inc.
|
| Co-manager: | Commerzbank Markets LLC
|
| Coupon: | 1.3%
|
| Price: | 99.887
|
| Yield: | 1.339%
|
| Spread: | Treasuries plus 60 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
| Trade date: | Sept. 20
|
| Settlement date: | Sept. 23
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Price talk: | 60 to 62 bps
|
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