By Aleesia Forni
Virginia Beach, March 5 - Tucson Electric Power Co. priced a $150 million issue of 5% notes (Baa1/BBB/BBB) due 2044 on Wednesday with a spread of Treasuries plus 140 basis points, according to an FWP filing with the Securities and Exchange Commission.
Pricing was at 99.445 to yield 5.036%.
J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the joint bookrunners.
Proceeds will be used to repay amounts outstanding under the company's revolving credit facility, with any remaining balance to be applied to general corporate purposes, according to a 424B3 filing with the SEC.
The utility is based in Tucson, Ariz.
| Issuer: | Tucson Electric Power Co.
|
| Amount: | $150 million
|
| Description: | Senior notes
|
| Maturity: | March 15, 2044
|
| Bookrunners: | J.P. Morgan Securities LLC, Wells Fargo Securities LLC
|
| Co-managers: | BNY Mellon Capital Markets LLC, Mitsubishi UFJ Securities (USA) Inc., Scotia Capital (USA) Inc.
|
| Coupon: | 5%
|
| Price: | 99.445
|
| Yield: | 5.036%
|
| Spread: | Treasuries plus 140 bps
|
| Make-whole call: Treasuries plus 25 bps prior to Sept. 15, 2043, then callable at par
|
| Trade date: | March 5
|
| Settlement date: | March 10
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Distribution: | SEC-registered
|
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