Published on 1/7/2010 in the Prospect News High Yield Daily.
New Issue: Energy Future prices upsized $500 million 10-year secured notes at par to yield 10%
By Paul A. Harris
St. Louis, Jan. 7 - Energy Future Holdings Corp. priced an upsized $500 million issue of 10-year senior secured notes (Caa3/B+/) at par to yield 10% on Thursday, according to an informed source.
The yield printed at the tight end of the 10% to 10¼% yield talk.
Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities Inc. and Credit Suisse Securities were joint bookrunners for the issue, which was upsized from $300 million.
Proceeds will be used for general or other corporate purposes, which may include working capital, investment in business initiatives, capital expenditures and debt repayment.
The issuer is a Dallas-based energy holding company.
Issuer: | Energy Future Holdings Corp.
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Amount: | $500 million, increased from $300 million
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Maturity: | Jan. 15, 2020
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Securities: | Senior secured notes
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Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., J.P. Morgan Securities Inc., Credit Suisse Securities
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Coupon: | 10%
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Price: | Par
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Yield: | 10%
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Spread: | 618 bps
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Call features: | Make-whole at Treasuries plus 50 bps until Jan. 15, 2015, then callable at 105.0, 103.33, 101.67, par on and after Jan. 15, 2018
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Equity clawback: | 35% at 110.0 until Jan. 15, 2013
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Trade date: | Jan. 7
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Settlement date: | Jan. 12
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Ratings: | Moody's: Caa3
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| Standard & Poor's: B+
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Distribution: | Rule 144A/Regulation S
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Price talk: | 10% to 10¼%
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