By Andrea Heisinger
New York, Aug. 25 - Spectra Energy Capital, LLC sold $300 million 5.65% senior notes due March 1, 2020 on Tuesday to yield Treasuries plus 220 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (Baa2/BBB/BBB) priced at 99.788 to yield 5.677%. They have a make-whole call at Treasuries plus 35 bps.
The sale did not have official price guidance, a source close to it said. It was launched at 220 bps over Treasuries.
Bookrunners were Credit Suisse Securities, RBS Securities Inc., SunTrust Robinson Humphrey Inc. and UBS Securities LLC.
Co-managers were BMO Capital Markets, KeyBanc Capital Markets Inc. and Scotia Capital (USA) Inc.
Proceeds will be used to fund capital expenditures and general corporate purposes, including repayment of 7.5% senior notes due in October.
The deal is guaranteed by natural gas parent company Spectra Energy Corp., which is based in Houston.
| Issuer: | Spectra Energy Capital, LLC
|
| Guarantor: | Spectra Energy Corp.
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturity: | March 1, 2020
|
| Bookrunners: | Credit Suisse Securities, RBS Securities Inc., SunTrust Robinson Humphrey Inc., UBS Securities LLC
|
| Co-managers: | BMO Capital Markets, KeyBanc Capital Markets Inc., Scotia Capital (USA) Inc.
|
| Coupon: | 5.65%
|
| Price: | 99.788
|
| Yield: | 5.677%
|
| Spread: | Treasuries plus 220 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Trade date: | Aug. 25
|
| Settlement date: | Aug. 28
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
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