New Issue: AGL Capital prices $350 million 3.25% 10-year notes at 158 bps over Treasuries

By Sheri Kasprzak

New York, May 13 – AGL Capital Corp. sold $350 million 3.25% 10-year senior notes at 99.598 to yield 3.297%, or 158 basis points over Treasuries, on Friday, according to an FWP filing with the Securities and Exchange Commission.

The notes are guaranteed by AGL Resources Inc.

The notes (Baa1/BBB+/BBB+) were sold through joint bookrunners J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc.

The notes feature a make-whole call any time before March 15, 2026 at Treasuries plus 25 bps. The notes are also callable at par any time on or after March 15, 2026 at par plus accrued and unpaid interest.

Proceeds will be used for working capital and general corporate purposes.

The energy services holding company is based in Atlanta.

Issuer:	AGL Capital Corp.
Guarantor:	AGL Resources Inc.
Issue:	Senior notes
Amount:	$350 million
Maturity:	June 15, 2026
Bookrunners:	J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc.
Co-managers:	Loop Capital Markets LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc., Fifth Third Securities Inc., Goldman Sachs & Co., TD Securities (USA) LLC, Williams Capital Group, LP
Coupon:	3.25%
Price:	99.598
Yield:	3.297%
Spread:	Treasuries plus 158 bps
Call:	Make-whole any time before March 15, 2026 at Treasuries plus 25 bps or at par any time on or after March 15, 2026 at par plus accrued and unpaid interest
Pricing date:	May 13
Settlement date:	May 18
Ratings:	Moody’s: Baa1
	S&P: BBB+
	Fitch: BBB+
Distribution:	SEC registered

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