By Andrea Heisinger
Omaha, Nov. 29 - Southwestern Electric Power Co. priced an upsized $300 million in 5.875% 10-year senior notes Thursday to yield 200 basis points more than Treasuries, an informed source said.
The issue was increased from a planned $250 million offering.
The notes (Baa1/BBB/A-) priced at 99.636 to yield 5.919%.
There is a make-whole call at Treasuries plus 30 bps.
Bookrunners were Citigroup, Merrill Lynch, Morgan Stanley, UBS Investment Bank and Wachovia Securities.
Proceeds will be used to repay advances from affiliates, to fund a construction program and for other corporate purposes.
The utility is based in Shreveport, La.
| Issuer: | Southwestern Electric Power Co.
|
| Issue: | Senior notes
|
| Amount: | $300 million, upsized from $250 million
|
| Maturity: | March 1, 2018
|
| Bookrunners: | Citigroup, Merrill Lynch, Morgan Stanley, UBS Investment Bank, Wachovia Securities
|
| Coupon: | 5.875%
|
| Price: | 99.636
|
| Yield: | 5.919%
|
| Spread: | Treasuries plus 200 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | Nov. 29
|
| Settlement date: | Dec. 4
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: A-
|
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