By Andrea Heisinger
New York, Nov. 8 - Georgia Power Co. priced $400 million of 0.625% three-year medium-term senior notes (A3/A/A+) on Thursday at a spread of Treasuries plus 30 basis points, a market source told Prospect News.
Pricing was at 99.929 to yield 0.649%. There is a make-whole call at 5 bps over Treasuries.
Bank of America Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to redeem $100 million of 6.05% senior monthly notes due on Dec. 1, 2038 and for general corporate purposes, including the company's continuous construction program.
Georgia Power sold $400 million of 0.75% three-year notes at 42 basis points over Treasuries on Aug. 7.
The electric utility and subsidiary of Southern Co. is based in Atlanta.
| Issuer: | Georgia Power Co.
|
| Issue: | Medium-term senior notes
|
| Amount: | $400 million
|
| Maturity: | Nov. 15, 2015
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC
|
| Coupon: | 0.625%
|
| Price: | 99.929
|
| Yield: | 0.649%
|
| Spread: | Treasuries plus 30 bps
|
| Call: | Make-whole at Treasuries plus 5 bps
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 15
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A+
|
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