By Lisa Kerner
Charlotte, N.C., March 10 - Vectren Corp. subsidiary Vectren Utility Holdings, Inc. sold $150 million of senior notes in a private placement to various institutional investors.
The notes will be issued in three tranches of 10, 15 and 30 years, a company news release said.
Vectren Utility will issue:
• $55 million of 4.67% series A senior notes due Nov. 30, 2021;
• $60 million of 5.02% series B senior notes due Nov. 30, 2026; and
• $35 million of 5.99% series C senior notes due Dec. 2, 2041.
Proceeds will be used to partially refinance $250 million of Vectren Utility's long-term debt maturing Dec. 1, 2011.
Vectren Utility expects the notes to be issued on or about Nov. 30, 2011.
The Vectren Utility notes will not be registered under the Securities Act of 1933 or any state securities laws.
Vectren is an Evansville, Ind.-based energy holding company.
| Issuer: | Vectren Utility Holdings, Inc.
|
| Issue: | Senior notes
|
| Amount: | $150 million
|
| Pricing date: | March 9
|
| Settlement date: | Nov. 30, 2011
|
| Distribution: | Private placement
|
|
|
| Series A notes
|
| Amount: | $55 million
|
| Coupon: | 4.67%
|
| Maturity: | Nov. 30, 2021
|
|
|
| Series B notes
|
| Amount: | $60 million
|
| Coupon: | 5.02%
|
| Maturity: | Nov. 30, 2026
|
|
|
| Series C notes
|
| Amount: | $35 million
|
| Coupon: | 5.99%
|
| Maturity: | Dec. 2, 2041
|
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