Georgia Power upsizes; KCAP reopens 6.125% $25-par notes due 2022; preferreds flat

By Cristal Cody

Tupelo, Miss., Sept. 18 – Georgia Power Co. priced an upsized $270 million of 5% $25-par junior subordinated notes due Oct. 1, 2077 in the preferred stock market on Monday.

The deal was upsized from $150 million and tightened from initial price talk in the 5.125% area, a source said.

The notes were last seen trading at $25.17, according to another market source.

KCAP Financial Inc. also planned to tap its existing $57.5 million of 6.125% $25-par notes due Sept. 30, 2022 on Monday.

The company initially issued the notes on Aug. 14 and Sept. 5.

The existing notes trade on the Nasdaq Global Select Market under the symbol “KCAPL” and closed the day down 36 cents, or 1.43%, at $24.86.

Preferreds were flat to modestly weaker during Monday’s session.

The U.S. iShares Preferred Stock ETF (NYSE: PFF) edged 2 bps lower to $38.89.

“Market ended flat for the day,” a source said.

Georgia Power priced $270 million of 5% series 2017A junior subordinated notes due Oct. 1, 2077 (Baa1/BBB/A-) at par of $25.00 on Monday, according to an FWP filing with the Securities and Exchange Commission.

BofA Merrill Lynch, Morgan Stanley & Co. LLC, UBS Securities LLC and Wells Fargo Securities, LLC were the bookrunners.

Georgia Power is an Atlanta-based electric utility company.

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