Laclede talks $625 million three-part offering for Tuesday pricing

By Aleesia Forni

Virginia Beach, Aug. 12 – The Laclede Group Inc. plans to sell a $625 million three-part offering of senior notes (Baa2/BBB+/) on Tuesday, according to an informed source and a 424B3 filed with the Securities and Exchange Commission.

The sale is expected to include $250 million of floating-rate notes due 2017 talked in the area of Libor plus 60 basis points.

A $125 million fixed-rate tranche of five-year notes is being guided at Treasuries plus 100 bps to 105 bps, while a $250 million tranche of 30-year bonds is talked at Treasuries plus 145 bps to 150 bps.

Credit Suisse Securities (USA) LLC, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used to fund the acquisition of Alabama Gas Corp.

The utility holding company is based in St. Louis.

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