By Cristal Cody
Tupelo, Miss., March 31 – Ameren Illinois Co. sold an upsized $800 million of 3.5% senior notes due Jan. 15, 2031 (Baa1/BBB) at a spread of Treasuries plus 285 basis points on Tuesday, compared to talk in the 350 bps area, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bonds priced at 99.763 to yield 3.527%.
The deal was upsized from $500 million.
Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including to repay commercial paper and fund the repayment of the company’s 2.7% senior notes due Nov. 15, 2020.
Ameren Illinois is a subsidiary of St. Louis-based electric and natural gas company Ameren Corp.
| Issuer: | Ameren Illinois Co.
|
| Amount: | $800 million
|
| Description: | Senior notes
|
| Maturity: | Jan. 15, 2031
|
| Bookrunners: | Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities LLC
|
| Co-managers: | KeyBanc Capital Markets LLC, CastleOak Securities, LP, Mischler Financial Group, Inc. and Siebert Williams Shank & Co., LLC
|
| Coupon: | 3.5%
|
| Price: | 99.763
|
| Yield: | 3.527%
|
| Spread: | Treasuries plus 285 bps
|
| Call feature: | Make-whole call before Oct. 15, 2030 at greater of par or Treasuries plus 45 bps; thereafter at par
|
| Trade date: | March 31
|
| Settlement date: | April 3
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 350 bps area
|
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