By Andrea Heisinger
Omaha, June 4 - Southwestern Electric Power Co. priced an upsized $400 million 6.45% senior notes due January 2019 on Wednesday to yield Treasuries plus 255 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The issue was increased from $300 million.
The notes (Baa1/BBB/BBB+) priced at 99.874 to yield 6.465% with a make-whole redemption option of Treasuries plus 50 bps.
Bookrunners were BNP Paribas Securities, Credit Suisse Securities and J.P. Morgan Securities Inc.
Co-manager was RBS Greenwich Capital.
Proceeds will be used for general corporate purposes and for those relating to the company's utility business.
The utility is based in Shreveport, La.
| Issuer: | Southwestern Electric Power Co.
|
| Issue: | Senior notes
|
| Amount: | $400 million, increased from $300 million
|
| Maturity: | Jan. 15, 2019
|
| Bookrunners: | BNP Paribas Securities, Credit Suisse Securities, J.P. Morgan Securities Inc.
|
| Co-manager: | RBS Greenwich Capital
|
| Coupon: | 6.45%
|
| Price: | 99.874
|
| Yield: | 6.465%
|
| Spread: | Treasuries plus 255 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | June 4
|
| Settlement date: | June 9
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
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