By Paul A. Harris
St. Louis, June 2 - Monongahela Power Co. priced a quick-to-market issue of $120 million of 10-year notes (Ba1/BB-) Wednesday at 99.753 with a 6.7% coupon to yield 6.734%.
Citigroup ran the books on the Rule 144A issue. Scotia Capital was the co-manager.
Proceeds will be used to repay debt.
The issuer is a unit of Allegheny Energy Inc.
| Issuer: | Monongahela Power Co.
|
| Amount: | $120 million
|
| Maturity: | June 15, 2014
|
| Security description: | First mortgage notes
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| Bookrunner: | Citigroup
|
| Coupon: | 6.7%
|
| Price: | 99.753
|
| Yield: | 6.734%
|
| Spread: | 200 basis points
|
| Call protection: | Make-whole call at Treasuries plus 50 basis points
|
| Pricing date: | June 2
|
| Settlement date: | June 9
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB-
|
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