By Andrea Heisinger
New York, May 15 - Gulf Power Co. sold $100 million of 3.1% 10-year senior notes, series 2012A, on Tuesday to yield Treasuries plus 135 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A3/A/A) were priced at 99.813 to yield 3.122%. There's a make-whole call at 25 bps over Treasuries.
Bookrunners were Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC. Co-manager was BB&T Capital Markets.
Proceeds will go toward the redemption of all or a portion of $61 million of series F 5.6% senior insured quarterly notes due on April 1, 2033 and/or $60 million of series H 5.25% notes due July 15, 2033. The proceeds may also be used to repay a portion of short-term debt totaling $94 million 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.
|
| Issue: | Senior notes, series 2012A
|
| Amount: | $100 million
|
| Maturity: | May 15, 2022
|
| Bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. LLC
|
| Co-manager: | BB&T Capital Markets
|
| Coupon: | 3.1%
|
| Price: | 99.813
|
| Yield: | 3.122%
|
| Spread: | Treasuries plus 135 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Trade date: | May 15
|
| Settlement date: | May 18
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A
|
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