By Aleesia Forni
Virginia Beach, Sept. 16 – Gulf Power Co. sold $200 million of 4.55% 2014A senior notes (A2/A/A) due 2044 at Treasuries plus 122 basis points on Tuesday, according to a market source and a FWP filed with the Securities and Exchange Commission.
The notes sold at the tight end of the Treasuries plus 125 bps area talk.
Pricing was at 99.804 to yield 4.562%.
The bookrunners were Goldman Sachs & Co., RBS Securities Inc. and Scotia Capital (USA) Inc.
Proceeds will be used to repay to the company’s series K 4.9% senior notes due Oct. 1, 2014, to repay short-term debt and for general corporate purposes.
Gulf Power is based in Pensacola, Fla.
| Issuer: | Gulf Power Co.
|
| Amount: | $200 million
|
| Description: | Senior notes
|
| Maturity: | Oct. 1, 2044
|
| Bookrunners: | Goldman Sachs & Co., RBS Securities Inc., Scotia Capital (USA) Inc.
|
| Co-managers: | CastleOak Securities LP, Samuel A. Ramirez & Co. Inc.
|
| Coupon: | 4.55%
|
| Price: | 99.804
|
| Yield: | 4.562%
|
| Spread: | Treasuries plus 122 bps
|
| Make-whole call: | Treasuries plus 25 bps prior to April 1, 2044, then callable at par
|
| Trade date: | Sept. 16
|
| Settlement date: | Sept. 23
|
| Ratings: | Moody’s: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
| Price talk: | Treasuries plus 125 bps area, tightened from Treasuries plus mid- to low-130 bps area
|
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