By Sheri Kasprzak
New York, April 1 - The Delaware Economic Development Authority priced $78.4 million in series 2010 gas facilities refunding revenue bonds on Thursday for Delmarva Power & Light Co., according to a form 8-K filed with the Securities and Exchange Commission.
The 5.4% bonds are due Feb. 1, 2031 and are priced at par.
Morgan Stanley & Co. Inc. and KeyBanc Capital Markets were the senior managers.
Proceeds from the sale will be used to redeem the company's series 2000, 2001 and 2002 bonds.
Wilmington, Del.-based Delmarva Power & Light is an electric and gas utility that serves Delaware, Maryland and Virginia.
| Issuer: | Delaware Economic Development Authority/Delmarva Power & Light Co.
|
| Issue: | Series 2010 gas facilities refunding revenue bonds
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| Amount: | $78.4 million
|
| Maturity: | Feb. 1, 2031
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| Coupon: | 5.4%
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| Price: | Par
|
| Type: | Negotiated
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| Underwriters: | Morgan Stanley & Co. Inc. and KeyBanc Capital Markets (lead)
|
| Pricing date: | April 1
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