New Issue: Kentucky Utilities sells $400 million 5.45% 10-year bonds at Treasuries plus 155 bps

By Wendy Van Sickle

Columbus, Ohio, March 9 – Kentucky Utilities Co. priced $400 million of 5.45% 10-year first mortgage bonds (A1/A) on Thursday at a spread of 155 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

The bonds priced at 99.772 to yield 5.479%.

Goldman Sachs & Co. LLC, MUFG Securities Americas Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC were the bookrunners.

Proceeds will be used for general corporate purposes, including the repayment of debt.

Kentucky Utilities is an electric utility based in Lexington, Ky.

Issuer:	Kentucky Utilities Co.
Amount:	$400 million
Issue:	First mortgage bonds
Maturity:	April 15, 2033
Bookrunners:	Goldman Sachs & Co. LLC, MUFG Securities Americas Inc., Truist Securities, Inc. and Wells Fargo Securities, LLC
Co-managers:	BMO Capital Markets Corp., BNY Mellon Capital Markets, LLC, TD Securities (USA) LLC, Academy Securities, Inc., AmeriVet Securities, Inc., MFR Securities, Inc., Mischler Financial Group, Inc. and Siebert Williams Shank & Co., LLC
Trustee:	Bank of New York Mellon
Counsel to issuer:	In-house
Counsel to underwriters:	Hunton Andrews Kurth LLP
Coupon:	5.45%
Price:	99.772
Yield:	5.479%
Spread:	Treasuries plus 155 bps
Call features:	Make-whole call at price equal to greater of par and Treasuries plus 25 bps before Jan. 15, 2033; thereafter at par
Trade date:	March 9
Settlement date:	March 20
Ratings:	Moody’s: A1
	S&P: A
Distribution:	SEC registered
Cusip:	491674BN6

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