By Aleesia Forni
Virginia Beach, Feb. 24 – Tucson Electric Power Co. priced an upsized $300 million issue of 10-year notes (Baa1/BBB+/BBB+) with a spread of Treasuries plus 110 basis points on Tuesday, a market source said.
Pricing was at 99.673 to yield 3.088%.
The notes sold at the tight end of talk.
Bookrunners were MUFG, SunTrust Robinson Humphrey Inc. and U.S. Bancorp Investments Inc.
The electric utility company plans to use the proceeds to repay debt.
| Issuer: | Tucson Electric Power Co.
|
| Amount: | $300 million, upsized from $250 million
|
| Description: | Notes
|
| Maturity: | March 15, 2025
|
| Bookrunners: | MUFG, SunTrust Robinson Humphrey Inc., U.S. Bancorp Investments Inc.
|
| Coupon: | 3.05%
|
| Price: | 99.673
|
| Yield: | 3.088%
|
| Spread: | 110 bps
|
| Trade date: | Feb. 24
|
| Settlement date: | Feb. 27
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: BBB+
|
| Fitch: BBB+
|
| Distribution: | Rule 144A, Regulation S
|
| Price talk: | 115 bps area
|
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