By Susanna Moon
Chicago, May 17 - Latvenergo AS (Baa3) said it placed €20 million of 2.8% seven-year notes at 99.4475 for a yield to maturity of 2.8883%.
The total amount of the submitted purchase orders reached €42.14 million, more than two times the planned issue amount, according to a company press release.
The yield to maturity range was set from 1¾% to 2.05%.
SEB banka AS was the arranger.
Proceeds will be used for financing Latvenergo Group's capital expenditures program, including financing of renewal of transmission and distribution lines, reconstruction of transformer substations, investments in voltage quality improvement, as well as replacement of overhead lines with cable lines to improve the quality and reliability of electricity supply to customers and to reduce the network losses.
The company said on March 27 that it priced €20 million of additional 2.8% notes due 2017 at 101.5492% of par to yield 2.6167%.
The company said on March 19 that it issued the add-on in response to "high investor interest."
Latvenergo is the largest power supply merchant in Riga, Latvia.
| Issuer: | Latvenergo AS
|
| Issue: | Notes
|
| Amount: | €20 million
|
| Maturity: | May 22, 2020
|
| Coupon: | 2.8%
|
| Price: | €994.475 per par of €1,000
|
| Yield: | 2.8883%
|
| Pricing date: | May 17
|
| Issue date: | May 22
|
| Rating: | Moody's: Baa3
|
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