Kentucky Utilities to tap 4.375% first mortgage bonds due 2045

By Cristal Cody

Tupelo, Miss., March 18 – Kentucky Utilities Co. plans to price an add-on to its 4.375% first mortgage bonds due Oct. 1, 2045, according to a 424B5 filing with the Securities and Exchange Commission on Monday.

The bonds were first issued in a $250 million offering on Sept. 28, 2015 at 99.917 with a yield of 4.38% and a spread of Treasuries plus 135 basis points.

BofA Merrill Lynch, Mizuho Securities (USA) LLC, MUFG, RBC Capital Markets, LLC and Scotia Capital (USA) Inc. are the bookrunners.

The bonds have a make-whole call at a price equal to the greater of par and Treasuries plus 25 bps before April 1, 2045 and are callable at par thereafter.

Proceeds from the reopening will be used to repay short-term debt and for other general corporate purposes.

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

© 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.