Published on 9/4/2019 in the Prospect News Investment Grade Daily.
New Issue: Georgia Power prices $750 million notes due 2024, 2029
By Rebecca Melvin
New York, Sept. 4 – Georgia Power Co. priced $750 million of notes on Wednesday in dual tranches due 2024 and 2029 (expected ratings: Baa1/A-/A-), according to a FWP filed with the Securities and Exchange Commission.
The utility priced $400 million 2.2% five-year series 2019B senior notes at 99.92 to yield 2.217%, or a spread of 90 basis points over U.S. Treasuries. These notes feature a make-whole call until Aug. 15, 2024, and then a par call.
The company also priced $350 million of 2.65% 10-year series 2019B senior notes at 99.877 to yield 2.664%, or a spread of 120 bps over Treasuries. These notes have a make-whole call until June 15, 2029, and then a par call.
J.P. Morgan Securities LLC, Mizuho Securities USA Inc., MUFG, PNC Capital Markets LLC and SunTrust Robinson Humphrey Inc. are the bookrunners.
Proceeds will be used to repay commercial paper and for general corporate purposes.
Georgia Power is an Atlanta-based electric utility company.
| Issuer: | Georgia Power Co.
|
| Amount: | $750 million
|
| Description: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Mizuho Securities USA Inc., MUFG, PNC Capital Markets LLC and SunTrust Robinson Humphrey Inc.
|
| Co-managers: | CIBC World Markets Corp., Commerz Markets LLC, BB&T Capital Markets, a division of BB&T Securities, LLC, Santander Investment Securities Inc., C.L. King & Associates, Inc., Drexel Hamilton, LLC, Penserra Securities LLC, Siebert Cisneros Shank & Co. LLC and Telsey Advisory Group LLC
|
| Trade date: | Sept. 4
|
| Settlement date: | Sept. 10
|
| Ratings: | Moody’s: Baa1
|
| S&P: A-
|
| Fitch: A-
|
| Distribution: | SEC registered
|
|
|
| 2024 notes
|
| Amount: | $400 million
|
| Maturity: | Sept. 15, 2024
|
| Coupon: | 2.2%
|
| Price: | 99.92
|
| Yield: | 2.217%
|
| Spread: | Treasuries plus 90 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps until Aug. 15, 2024, then at par
|
|
|
| 2029 notes
|
| Amount: | $350 million
|
| Maturity: | Sept. 15, 2029
|
| Coupon: | 2.65%
|
| Price: | 99.877
|
| Yield: | 2.664%
|
| Spread: | Treasuries plus 120 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps until June 15, 2029, then at par
|
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