New Issue: Dayton Power prices $445 million 1.875% three-year first mortgage bonds

By Angela McDaniels

Tacoma, Wash., Sept. 25 - Dayton Power & Light Co. issued $445 million of 1.875% first mortgage bonds due 2016, according to an 8-K filing with the Securities and Exchange Commission.

BofA Merrill Lynch and Morgan Stanley & Co. LLC are the bookrunners.

Proceeds will be used in part to repay the company's $470 million of 5.125% first mortgage bonds at maturity on Oct. 1.

Dayton Power & Light is a public electric utility based in Dayton, Ohio, and a subsidiary of DPL, Inc.

Issuer:	Dayton Power & Light Co.
Issue:	First mortgage bonds
Amount:	$445 million
Maturity:	Sept. 15, 2016
Coupon:	1.875%
Price:	Par
Yield:	1.875%
Bookrunners:	BofA Merrill Lynch and Morgan Stanley & Co. LLC
Co-managers:	Fifth Third Securities, Inc., PNC Capital Markets LLC, U.S. Bancorp Investments, Inc., BMO Capital Markets GKST Inc., Huntington Investment Co. and Regions Securities LLC
Call option:	Make-whole at Treasuries plus 20 bps
Settlement date:	Sept. 19

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