Published on 1/25/2024 in the Prospect News Investment Grade Daily.
New Issue: Tampa Electric sells $500 million 4.9% five-year notes at 87.5 bps over Treasuries
By Wendy Van Sickle
Columbus, Ohio, Jan. 25 – Tampa Electric Co. priced $500 million of 4.9% notes due March 1, 2029 (A3/BBB+/A) on Thursday at a spread of 87.5 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.932 to yield 4.914%.
The bookrunners were Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc.
Proceeds will be used for general corporate purposes, including capital expenditures, working capital, the possible repayment of debt outstanding under credit facilities and other corporate expenses.
The issuer is a Tampa, Fla.-based subsidiary of TECO Energy, Inc., an energy-related holding company.
| Issuer: | Tampa Electric Co.
|
| Amount: | $500 million
|
| Issue: | Notes
|
| Maturity: | March 1, 2029
|
| Bookrunners: | Wells Fargo Securities, LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., J.P. Morgan Securities LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc.
|
| Senior co-managers: | BMO Capital Markets, BofA Securities, Inc., CIBC World Markets Corp., TD Securities (USA) LLC and Truist Securities, Inc.
|
| Co-managers: | Academy Securities, Inc., Loop Capital Markets LLC and Samuel A. Ramirez & Co., Inc.
|
| Trustee: | Bank of New York Mellon
|
| Counsel to issuer: | Locke Lord LLP
|
| Counsel to underwriters: | Ropes & Gray LLP
|
| Coupon: | 4.9%
|
| Price: | 99.932
|
| Yield: | 4.914%
|
| Spread: | Treasuries plus 87.5 bps
|
| Call: | Make-whole call at Treasuries plus 15 bps until Feb. 1, 2029, then a par call
|
| Trade date: | Jan. 25
|
| Settlement date: | Jan. 30
|
| Ratings: | Moody’s: A3
|
| S&P: BBB+
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Cusip: | 875127BM3
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
