By Lisa Kerner
Charlotte, N.C., June 13 –Southern Power Co. priced €1.1 billion of green senior notes (Baa1/BBB+/BBB+ expected) in two tranches, according to FWPs filed with the Securities and Exchange Commission.
The €600 million of 1% series 2016A notes due 2022 priced with a spread of 105 basis points over mid-swaps, or at 99.342 to yield 1.114%.
The €500 million of 1.85% series 2016B notes due 2026 priced with a spread of 140 bps over mid-swaps, or at 99.855 to yield 1.866%.
Proceeds will be allocated to renewable energy generation projects, including financing or investing in solar and wind power generation facilities located in the United States.
Barclays, BNP Paribas Securities Corp., BofA Merrill Lynch and UBS Ltd. are the joint bookrunners.
The notes will be redeemable, in whole or in part, at any time and from time to time, at a make-whole redemption price.
The company intends to apply to list the senior notes on the New York Stock Exchange.
Southern Power is an Atlanta-based electric company.
| Issuer: | Southern Power Co.
|
| Issue: | Senior notes
|
| Amount: | €1.1 billion
|
| Bookrunners: | Barclays, BNP Paribas Securities Corp., BofA Merrill Lynch, UBS Ltd.
|
| Co-managers: | Scotiabank Europe plc, U.S. Bancorp Investments, Inc., Wells Fargo Securities International Ltd., Banco Bilbao Vizcaya Argentaria, SA; Banco Santander, SA; Commerzbank AG
|
| Trade date: | June 13
|
| Settlement date: | June 20
|
| Ratings: (expected) | Moody’s: Baa1
|
| Standard & Poor’s: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
|
|
| Six-year notes
|
| Amount: | €600 million
|
| Maturity: | June 20, 2022
|
| Coupon: | 1%
|
| Price: | 99.342
|
| Yield: | 1.114%
|
| Spread: | Mid-swaps plus 105 bps
|
| Make-whole call: Bunds plus 22.5 bps
|
|
|
| Ten-year notes
|
| Amount: | €500 million
|
| Maturity: | June 20, 2026
|
| Coupon: | 1.85%
|
| Price: | 99.855
|
| Yield: | 1.866%
|
| Spread: | Mid-swaps plus 140 bps
|
| Make-whole call: Bunds plus 27.5 bps
|
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