By Andrea Heisinger
New York, Aug. 7 - Georgia Power Co. did a quick sale of $400 million in 0.75% three-year senior notes on Tuesday to yield Treasuries plus 42 basis points, according to an FWP filing with the Securities and Exchange Commission.
The deal size was increased from $350 million and was sold at the low end of guidance in the 45 bps area, a source said.
The notes (A3/A/A+) were priced at 99.935 to yield 0.772%. There is a make-whole call at 10 bps over Treasuries.
Bank of America Merrill Lynch and Goldman Sachs & Co. were the bookrunners.
Co-managers were Credit Agricole Securities USA Inc. and Loop Capital Markets LLC.
Proceeds are being used for the proposed redemption of all or a portion of $250 million of 6% senior insured monthly notes due Sept. 1, 2040 and for general corporate purposes, including a continuous construction program.
The electric utility and subsidiary of Southern Co. is based in Atlanta.
| Issuer: | Georgia Power Co.
|
| Issue: | Senior notes
|
| Amount: | $400 million, increased from $350 million
|
| Maturity: | Aug. 10, 2015
|
| Bookrunners: | Bank of America Merrill Lynch, Goldman Sachs & Co.
|
| Co-managers: | Credit Agricole Securities USA Inc., Loop Capital Markets LLC
|
| Coupon: | 0.75%
|
| Price: | 99.935
|
| Yield: | 0.772%
|
| Spread: | Treasuries plus 42 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
| Trade date: | Aug. 7
|
| Settlement date: | Aug. 10
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Price talk: | 45 bps area
|
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