By Andrea Heisinger
New York, Sept. 11 - Tucson Electric Power Co. priced $150 million of 3.85% notes due 2023 on Tuesday at a spread of Treasuries plus 220 basis points, according to an FWP filing with the Securities and Exchange Commission.
The size of the deal was increased from $100 million, a source said.
The notes (Baa3/BBB-/BBB-) were sold at 99.675 to yield 3.888%. There is a make-whole call option at Treasuries plus 35 bps until Dec. 15, 2022 with a par call after that date.
Mitsubishi UFJ Securities (USA) Inc. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds will be used to repay amounts outstanding under a revolving credit facility. Any remainder will be used for general corporate purposes.
The utility is based in Tucson, Ariz.
| Issuer: | Tucson Electric Power Co.
|
| Issue: | Notes
|
| Amount: | $150 million, upsized from $100 million
|
| Maturity: | March 15, 2023
|
| Bookrunners: | Mitsubishi UFJ Securities (USA) Inc., J.P. Morgan Securities LLC
|
| Co-managers: | Scotia Capital USA Inc., U.S. Bancorp Investments Inc., Comerica Securities, Inc.
|
| Coupon: | 3.85%
|
| Price: | 99.675
|
| Yield: | 3.888%
|
| Spread: | Treasuries plus 220 bps
|
| Call: | Make-whole at Treasuries plus 35 bps until Dec. 15, 2022, par call after
|
| Trade date: | Sept. 11
|
| Settlement date: | Sept. 14
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
© 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.
