By Andrea Heisinger
New York, Feb. 29 - Georgia Power Co. sold an upsized $750 million of 4.3% 30-year senior notes, series 2012A, on Wednesday at a spread of Treasuries plus 120 basis points, an informed source said.
The deal size was increased from $500 million due to demand, the source said. The notes were sold wider than whispered guidance in the 110 bps area in order to get $750 million priced and were priced in line with revised talk in the 120 bps area.
The notes (A3/A/A+) were priced at 99.949 to yield 4.303%. There is a make-whole call at Treasuries plus 20 bps.
Bookrunners were Bank of America Merrill Lynch, Barclays Capital Inc., Deutsche Bank Securities Inc., SunTrust Robinson Humphrey Inc., UBS Securities LLC and Wells Fargo Securities LLC.
BNY Mellon Capital Markets LLC, Mizuho Securities USA Inc., Banca IMI SpA, CastleOak Securities LP, Credit Agricole Securities (USA) Inc. and Samuel A. Ramirez & Co. were the co-managers.
Proceeds will be used to repay a portion of outstanding short-term debt, to repay two bank loans maturing in March and for general corporate purposes, including the company's continuous construction program.
The electric subsidiary of the Southern Co. is based in Atlanta.
| Issuer: | Georgia Power Co.
|
| Issue: | Senior notes, series 2012A
|
| Amount: | $750 million, increased from $500 million
|
| Maturity: | March 15, 2042
|
| Bookrunners: | Bank of America Merrill Lynch, Barclays Capital Inc., Deutsche Bank Securities Inc., SunTrust Robinson Humphrey Inc., UBS Securities LLC, Wells Fargo Securities LLC
|
| Co-managers: | BNY Mellon Capital Markets LLC, Mizuho Securities USA Inc., Banca IMI SpA, CastleOak Securities LP, Credit Agricole Securities (USA) Inc., Samuel A. Ramirez & Co.
|
| Coupon: | 4.3%
|
| Price: | 99.949
|
| Yield: | 4.303%
|
| Spread: | Treasuries plus 120 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Trade date: | Feb. 29
|
| Settlement date: | March 6
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Price talk: | 110 bps area (whispered), 120 bps area (revised)
|
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