By Andrea Heisinger
New York, Sept. 14 - Southern Power Co. offered $300 million of 5.15% 30-year series 2011A senior notes on Wednesday to yield Treasuries plus 190 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa1/BBB+/BBB+) were priced at 99.547 to yield 5.18%.
The securities have a make-whole call at Treasuries plus 35 bps.
J.P. Morgan Securities LLC, Mizuho Securities USA Inc., RBS Securities Inc. and UBS Securities LLC were the bookrunners.
Co-managers were BBVA Securities Inc. and Lloyds Securities Inc.
Proceeds will be used to repay a portion of outstanding short-term debt and for general corporate purposes, including the company's continuous construction program.
The electric subsidiary of Southern Co. is based in Atlanta.
| Issuer: | Southern Power Co.
|
| Issue: | Senior notes, series 2011A
|
| Amount: | $300 million
|
| Maturity: | Sept. 15, 2041
|
| Bookrunners: | J.P. Morgan Securities LLC, Mizuho Securities USA Inc., RBS Securities Inc., UBS Securities LLC
|
| Co-managers: | BBVA Securities Inc., Lloyds Securities Inc.
|
| Coupon: | 5.15%
|
| Price: | 99.547
|
| Yield: | 5.18%
|
| Spread: | Treasuries plus 190 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 22
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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