By Aleesia Forni
Virginia Beach, Dec. 8 – Trans-Allegheny Interstate Line Co. priced an upsized $550 million of 3.85% senior notes (A3/BBB-/) due 2025 on Monday at Treasuries plus 160 basis points, according to a market source.
The notes sold at the tight end of talk.
Pricing was at 99.924 to yield 3.859%.
Barclays, J.P. Morgan Securities Inc., MUFG and Scotia Capital (USA) Inc. ran the books.
Proceeds will go to repay $450 million of 4% notes due Jan. 15, 2015 and to fund capital expenditures.
The subsidiary of utility holding company Allegheny Energy, Inc. is based in Greensburg, Pa.
| Issuer: | Trans-Allegheny Interstate Line Co.
|
| Issue: | Senior notes
|
| Amount: | $550 million, upsized from $500 million
|
| Maturity: | June 1, 2025
|
| Bookrunners: | Barclays, J.P. Morgan Securities Inc., MUFG, Scotia Capital (USA) Inc.
|
| Coupon: | 3.85%
|
| Price: | 99.924
|
| Yield: | 3.859%
|
| Spread: | Treasuries plus 160 bps
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | Dec. 8
|
| Settlement date: | Dec. 11
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB-
|
| Price talk: | 165 bps area, tightened from 180 bps area
|
|
|
|
|
© 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.
