By Andrea Heisinger
New York, Dec. 7 - Southwest Gas Corp. sold $125 million of 4.45% 10-year senior notes on Tuesday at a spread of Treasuries plus 140 basis points, according to a source and an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/BBB/) were priced at 99.818 to yield 4.473%.
The notes have a make-whole call of Treasuries plus 20 bps before Sept. 1, 2020 and then are callable at par until maturity.
U.S. Bancorp Investments Inc. and KeyBanc Capital Markets Inc. were the bookrunners.
Co-manager was Mitsubishi UFJ Securities USA.
The company plans to use $75 million in connection with the repayment of $200 million outstanding 8.375% senior notes maturing on Feb. 15, 2011.
The natural gas utility is based in Las Vegas.
Issuer: | Southwest Gas Corp.
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Issue: | Senior notes
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Amount: | $125 million
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Maturity: | Dec. 1, 2020
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Bookrunners: | U.S. Bancorp Investments Inc., KeyBanc Capital Markets Inc.
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Co-manager: | Mitsubishi UFJ Securities USA
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Coupon: | 4.45%
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Price: | 99.818
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Yield: | 4.473%
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Spread: | Treasuries plus 140 bps
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Call: | Make-whole at Treasuries plus 20 bps until Sept. 1, 2020, then at par
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Trade date: | Dec. 7
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Settlement date: | Dec. 10
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Ratings: | Moody's: Baa2
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| Standard & Poor's: BBB
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