By Andrea Heisinger
New York, May 13 - Ameren Corp. released terms for its split-rated sale of $425 million 8.875% five-year senior notes priced to yield 9%, according to an FWP Securities and Exchange Commission filing.
The notes (Baa3/BB+/BBB+) priced at 99.505 with a spread of Treasuries plus 698.2 basis points. They have a make-whole redemption at Treasuries plus 50 bps.
Bookrunners were BNP Paribas Securities, J.P. Morgan Securities and UBS Investment Bank. Co-managers were PNC Capital Markets and Scotia Capital.
Proceeds along with corporate funds will be used to repay a portion of short-term debt totaling $300 million, to provide a capital contribution to subsidiary Cilcorp Inc. so that Cilcorp can repay its $123.755 million 8.7% senior notes due 2009, and for general corporate purposes.
The utility holding company is based in St. Louis.
| Issuer: | Ameren Corp.
|
| Issue: | Senior notes
|
| Amount: | $425 million
|
| Maturity: | May 15, 2014
|
| Bookrunners: | BNP Paribas Securities, J.P. Morgan Securities, UBS Investment Bank
|
| Co-managers: | PNC Capital Markets, Scotia Capital
|
| Coupon: | 8.875%
|
| Price: | 99.505
|
| Yield: | 9%
|
| Spread: | Treasuries plus 698.2 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | May 12
|
| Settlement date: | May 15
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BB+
|
| Fitch: BBB+
|
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