By Lisa Kerner
Charlotte, N.C., April 8 - Vectren Corp. subsidiary Vectren Utility Holdings, Inc. entered into a private placement note purchase agreement with various institutional investors on April 5 for $150 million of senior notes.
The company 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, according to a company news release.
The notes are guaranteed by Vectren Utility's regulated utility subsidiaries, Southern Indiana Gas and Electric Co., Indiana Gas Co., Inc. and Vectren Energy Delivery of Ohio, Inc.
The notes have a make-whole call at Treasuries plus 50 basis points.
Purchasers include Assurity Life Insurance Co., Pioneer Mutual Life Insurance Co., State Life Insurance Co., American United Life Insurance Co., Allstate Life Insurance Co., Phoenix Insurance Co., Unum Life Insurance Co. of America, Provident Life and Accident Insurance Co., Lincoln National Life Insurance Co., New York Life Insurance and Annuity Corp., New York Life Insurance Co., Metropolitan Life Insurance Co., Horizon Blue Cross and Blue Shield NJ, Mony Life Insurance Co. and AXA Equitable Life Insurance Co.
Vectren Utility expects the notes to be issued on or about Nov. 30, 2011.
The 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: | April 5
|
| Settlement date: | Nov. 30, 2011
|
| Distribution: | Private placement
|
| Purchasers: | Assurity Life Insurance Co., Pioneer Mutual Life Insurance Co., State Life Insurance Co., American United Life Insurance Co., Allstate Life Insurance Co., Phoenix Insurance Co., Unum Life Insurance Co. of America, Provident Life and Accident Insurance Co., Lincoln National Life Insurance Co., New York Life Insurance and Annuity Corp., New York Life Insurance Co., Metropolitan Life Insurance Co., Horizon Blue Cross and Blue Shield NJ, Mony Life Insurance Co. and AXA Equitable Life Insurance Company
|
|
|
| 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
|
© 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.
