New Issue: Georgia Power prices $500 million 2% three-year notes at 53 bps over Treasuries

By Cristal Cody

Tupelo, Miss., Aug. 3 – Georgia Power Co. priced $500 million of 2% three-year series 2017C senior notes on Thursday at 99.966 to yield 2.011%, according to an FWP filing with the Securities and Exchange Commission.

The notes priced with a spread of Treasuries plus 53 basis points.

Barclays, MUFG and Scotia Capital (USA) Inc. were the bookrunners.

Proceeds will be used to repay all or a portion of the company’s $50 million floating-rate bank loan and outstanding commercial paper borrowings, which were about $145 million as of Wednesday, with any remaining proceeds used for general corporate purposes.

Georgia Power is an Atlanta-based electric utility company.

Issuer:	Georgia Power Co.
Amount:	$500 million
Description:	Senior notes
Maturity:	Sept. 8, 2020
Bookrunners:	Barclays, MUFG and Scotia Capital (USA) Inc.
Co-managers:	Commerz Markets LLC, BB&T Capital Markets, TD Securities (USA) LLC, Academy Securities, Inc., C.L. King & Associates, Inc. and Williams Capital Group, LP
Coupon:	2%
Price:	99.966
Yield:	2.011%
Spread:	Treasuries plus 53 bps
Call features:	Make-whole call at Treasuries plus 10 bps
Trade date:	Aug. 3
Settlement date:	Aug. 8
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A+
Distribution:	SEC registered

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