By Aleesia Forni
New York, Dec. 1 – Georgia Power Co. sold an upsized $500 million offering of 1.95% three-year senior notes (A3/A-/A+) on Tuesday at Treasuries plus 80 basis points, according to a market source and a filing with the Securities and Exchange Commission.
The notes were upsized from a planned $300 million.
Pricing was at 99.913 to yield 1.98%.
Guidance was set in the area of Treasuries plus 85 bps after having firmed from initial talk in the 105 bps area over Treasuries.
J.P. Morgan Securities LLC, Scotia Capital (USA) Inc. and SunTrust Robinson Humphrey Inc. are the joint bookrunners.
Proceeds from the offering will be used to repay $250 million of the company’s outstanding series Z 5.25% senior notes due Dec. 15, 2015, to repay short-term debt and for general corporate purposes.
The electric utility is based in Atlanta.
| Issuer: | Georgia Power Co.
|
| Amount: | $500 million, upsized from $300 million
|
| Description: | Series 2015A senior notes
|
| Maturity: | Dec. 1, 2018
|
| Bookrunners: | J.P. Morgan Securities LLC, Scotia Capital (USA) Inc., SunTrust Robinson Humphrey Inc.
|
| Co-managers: | BBVA Securities Inc., Loop Capital Markets LLC, Regions Securities LLC, Santander Investment Securities Inc.
|
| Coupon: | 1.95%
|
| Price: | 99.913
|
| Yield: | 1.98%
|
| Spread: | Treasuries plus 80 bps
|
| Trade date: | Dec. 1
|
| Settlement date: | Dec. 4
|
| Ratings: | Moody’s: A3
|
| Standard & Poor’s: A-
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 85 bps area, tightened from Treasuries plus 105 bps area
|
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