By Andrea Heisinger
New York, Sept. 22 - Allegheny Energy Supply Co. LLC priced $600 million senior unsecured notes (Baa3/BBB-/) in two tranches Tuesday, according to a press release from the company and an informed source.
The $350 million of 5.75% 10-year notes priced at Treasuries plus 235 basis points.
A $250 million tranche of 6.75% 30-year notes priced at 260 bps over Treasuries.
Full terms were not available at press time.
The deal was sold via Rule 144A.
Bookrunners were BNP Paribas Securities Corp., Credit Suisse Securities, Goldman Sachs & Co., Deutsche Bank Securities Inc. and Morgan Stanley & Co. Inc.
Proceeds will be used to repay a $447 million term loan and to finance the repurchase of up to $150 million in 7.8% notes due 2011.
The electric and natural gas utility subsidiary of Allegheny Energy Inc. is based in Greensburg, Pa.
| Issuer: | Allegheny Energy Supply Co. LLC
|
| Issue: | Senior unsecured notes
|
| Total amount: | $600 million
|
| Bookrunners: | BNP Paribas Securities Corp., Credit Suisse Securities, Goldman Sachs & Co., Deutsche Bank Securities Inc., Morgan Stanley & Co. Inc.
|
| Distribution: | Rule 144A
|
| Trade date: | Sept. 22
|
| Settlement date: | Oct. 1
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
|
|
| 10-year notes
|
| Amount: | $350 million
|
| Maturity: | 2019
|
| Coupon: | 5.75%
|
| Spread: | Treasuries plus 235 bps
|
|
|
| 30-year notes
|
| Amount: | $250 million
|
| Maturity: | 2039
|
| Coupon: | 6.75%
|
| Spread: | Treasuries plus 260 bps
|
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