Published on 1/29/2018 in the Prospect News Green Finance Daily and Prospect News Investment Grade Daily.
New Issue: MidAmerican Energy sells $700 million 3.65% long 30-year bonds at 75 bps spread
By Cristal Cody
Tupelo, Miss., Jan. 29 – MidAmerican Energy Co. sold $700 million of 3.65% long 30-year green first mortgage bonds (Aa2/A+/A+) on Monday at 99.127 to yield 3.698%, according to a market source and an FWP filing with the Securities and Exchange Commission.
The company priced the bonds at a spread of 75 basis points over Treasuries, on the tight side of initial talk in the Treasuries plus 92.5 bps area.
Barclays, BNP Paribas Securities Corp., Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, BMO Capital Markets Corp. and SMBC Nikko Securities America, Inc. were the bookrunners.
Proceeds will be used to finance eligible green projects.
MidAmerican Energy is a utility company based in Des Moines.
| Issuer: | MidAmerican Energy Co.
|
| Amount: | $700 million
|
| Maturity: | Aug. 1, 2048
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| Description: | First mortgage bonds
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| Bookrunners: | Barclays, BNP Paribas Securities Corp., Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC, BMO Capital Markets Corp. and SMBC Nikko Securities America, Inc.
|
| Co-managers: | BNY Mellon Capital Markets, LLC, CIBC Capital Markets Corp., KeyBanc Capital Markets Inc., PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc. and TD Securities (USA) LLC
|
| Coupon: | 3.65%
|
| Price: | 99.127
|
| Yield: | 3.698%
|
| Spread: | Treasuries plus 75 bps
|
| Call features: | Make-whole call before Feb. 1, 2048 at greater of par and Treasuries plus 12.5 bps; thereafter at par
|
| Trade date: | Jan. 29
|
| Settlement date: | Feb. 1
|
| Ratings: | Moody’s: Aa2
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| S&P: A+
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| Fitch: A+
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 92.5 bps area
|
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