Alabama Power prices $300 million notes due 2049; Host Hotels sells $650 million of green notes

By Devika Patel

Knoxville, Tenn., Sept. 12 – Primary activity in the investment-grade bond market waned late in the week, with only two new deals launched on Thursday.

Birmingham, Ala.-based power company Alabama Power Co. priced $600 million of 3.45% senior notes due 2049 and Bethesda, Md.-based real estate investment trust Host Hotels & Resorts, LP sold $650 million of 3.375% green senior notes due 2029.

Alabama Power prices

Alabama Power reported that it sold $600 million of 3.45% series 2019A senior notes (A1/A/A+) due Oct. 1, 2049 with a spread of 120 basis points over Treasuries.

The notes priced at 99.665 to yield 3.468%.

BofA Securities, Inc., Mizuho Securities USA Inc., MUFG, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used for general corporate purposes.

Host Hotels sells green notes

Host Hotels priced $650 million of 3.375% series H green senior notes (Baa2/BBB-/BBB) due Dec. 15, 2029.

Host Hotels priced the notes at 99.218 to yield 3.467%, or 168 basis points over Treasuries.

Wells Fargo Securities LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., BofA Securities, Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.

Proceeds will be used for eligible green projects.

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