By Andrea Heisinger
New York, Nov. 8 - Kentucky Utilities Co. priced its $1.5 billion of notes (A2/A/A+) in three tranches on Monday, a source who worked on the deal said late in the day.
Full terms were not available at press time.
The $250 million of 1.625% five-year notes priced at a spread of Treasuries plus 58 basis points.
A second tranche of $500 million of 3.25% 10-year notes priced a spread of Treasuries plus 75 bps.
The final tranche was $750 million of 5.125% 30-year bonds that sold at Treasuries plus 108 bps.
Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC were the bookrunners.
The deal was sold under Rule 144A.
The electric utility is based in Lexington, Ky.
| Issuer: | Kentucky Utilities Co.
|
| Issue: | Notes
|
| Amount: | $1.5 billion
|
| Bookrunners: | Bank of America Merrill Lynch, Credit Suisse Securities (USA) LLC
|
| Distribution: | Rule 144A
|
| Trade date: | Nov. 8
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A+
|
|
|
| Five-year notes
|
| Amount: | $250 million
|
| Maturity: | 2015
|
| Coupon: | 1.625%
|
| Spread: | Treasuries plus 58 bps
|
|
|
| 10-year notes
|
| Amount: | $500 million
|
| Maturity: | 2020
|
| Coupon: | 3.25%
|
| Spread: | Treasuries plus 75 bps
|
|
|
| 30-year bonds
|
| Amount: | $750 million
|
| Maturity: | 2040
|
| Coupon: | 5.125%
|
| Spread: | Treasuries plus 108 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
