By Andrea Heisinger
New York, March 22 - Appalachian Power Co. sold $350 million of 4.6% 10-year senior notes, series T, on Tuesday to yield 130 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/BBB/BBB) sold at 99.721 to yield 4.635%. They have a make-whole call at 20 bps over Treasuries before Dec. 30, 2020 and afterward at par.
Barclays Capital Inc., Credit Agricole Securities and Morgan Stanley & Co., Inc. were the bookrunners.
Co-managers were BBVA Securities Inc., Deutsche Bank Securities Inc. and Scotia Capital (USA) Inc.
Proceeds are being used for general corporate purposes relating to the utility business, including paying an outstanding $250 million of 5.55% senior notes at maturity on April 1, funding a construction program, repaying affiliates and replenishing working capital.
The utility is based in Columbus, Ohio.
Issuer: | Appalachian Power Co.
|
Issue: | Senior notes, series T
|
Amount: | $350 million
|
Maturity: | March 30, 2021
|
Bookrunners: | Barclays Capital Inc., Credit Agricole Securities, Morgan Stanley & Co., Inc.
|
Co-managers: | BBVA Securities Inc., Deutsche Bank Securities Inc., Scotia Capital (USA) Inc.
|
Coupon: | 4.6%
|
Price: | 99.721
|
Yield: | 4.635%
|
Spread: | Treasuries plus 130 bps
|
Call: | Make-whole at Treasuries plus 20 bps before Dec. 30, 2020, and after at par
|
Trade date: | March 22
|
Settlement date: | March 25
|
Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
© 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.