By Andrea Heisinger
New York, June 22 - Gulf Power Co. priced $125 million one-year senior floating-rate notes Monday at par to yield three-month Libor plus 10 basis points, according to an FWP filing with the Securities and Exchange Commission.
The non-callable notes (A2/A/A) have interest paid quarterly.
Morgan Stanley & Co. Inc. was the bookrunner.
Proceeds will be used to repay a portion of short-term debt and for general corporate purposes, including the company's continuous construction program.
The electric subsidiary of the Southern Co. is based in Pensacola, Fla.
Issuer: | Gulf Power Co.
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Issue: | Senior floating-rate notes
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Amount: | $125 million
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Maturity: | June 28, 2010
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Bookrunner: | Morgan Stanley & Co. Inc.
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Coupon: | Three-month Libor plus 10 bps, paid quarterly
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Price: | Par
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Yield: | Three-month Libor plus 10 bps
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Call: | Non-callable
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Trade date: | June 22
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Settlement date: | June 26
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Ratings: | Moody's: A2
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| Standard & Poor's: A
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| Fitch: A
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