By Andrea Heisinger
New York, April 6 - Gulf Power Co. sold $175 million of 4.75% 10-year senior unsecured notes on Tuesday to yield Treasuries plus 80 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes were priced in line with guidance in the 80 bps area, a source said.
The notes (A2/A/A) priced at 99.984 to yield 4.752%. They have a make-whole call at Treasuries plus 15 bps.
Citigroup Global Markets Inc., UBS Investment Bank and Wells Fargo Securities were the bookrunners. The co-manager was BB&T Capital Markets.
The proceeds will be used to repay $140 million in floating-rate notes due June 28, 2010, to repay short-term debt and for general corporate purposes.
The electric subsidiary of Southern Co. is based in Pensacola, Fla.
| Issuer: | Gulf Power Co.
|
| Issue: | Senior unsecured notes
|
| Amount: | $175 million
|
| Maturity: | April 15, 2020
|
| Bookrunners: | Citigroup Global Markets Inc., UBS Investment Bank, Wells Fargo Securities
|
| Co-manager: | BB&T Capital Markets
|
| Coupon: | 4.75%
|
| Price: | 99.984
|
| Yield: | 4.752%
|
| Spread: | Treasuries plus 80 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Trade date: | April 6
|
| Settlement date: | April 13
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
| Price talk: | 80 bps area (whispered), launched at 80 bps
|
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