By Andrea Heisinger
New York, Feb. 3 - Elm Road Generating Station Supercritical LLC priced $530 million of senior unsecured notes (A1//A) in two tranches on Wednesday, a source close to the sale said.
Full terms were not available at press time.
A $255 million tranche of 5.209% 20-year notes priced to yield 150 basis points over Treasuries.
The second tranche was $275 million in 6.09% 30-year bonds priced at Treasuries plus 145 bps.
Wells Fargo Securities was among the bookrunners.
Proceeds are being used to refinance intercompany debt incurred by parent company Wisconsin Electric Power Co. to finance the construction of a coal generating facility.
The issuer is based in Milwaukee.
| Issuer: | Elm Road Generating Station Supercritical LLC
|
| Issue: | Senior unsecured notes
|
| Amount: | $530 million
|
| Bookrunner: | Wells Fargo Securities
|
| Trade date: | Feb. 3
|
| Ratings: | Moody's: A1
|
| Fitch: A
|
|
|
| 20-year notes
|
| Amount: | $255 million
|
| Maturity: | 2030
|
| Coupon: | 5.209%
|
| Spread: | Treasuries plus 150 bps
|
|
|
| 30-year bonds
|
| Amount: | $275 million
|
| Maturity: | 2040
|
| Coupon: | 6.09%
|
| Spread: | Treasuries plus 145 bps
|
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