By Aleesia Forni
Virginia Beach, Oct. 20 – Virginia Electric and Power Co. sold a $200 million add-on to its existing 4.45% series B senior notes (A2/A-/A-) due Feb. 15, 2044 at Treasuries plus 105 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 107.49 to yield 4.009%.
The original $400 million of 4.45% notes due 2044 priced at 90 bps over Treasuries on Feb. 4, 2014.
BNP Paribas Securities Corp. and Citigroup Global Markets Inc. were the bookrunners.
Proceeds will be used for general corporate purposes, to repay short-term debt and to offset the payment of the redemption price to be paid in connection with the redemption of all of its issued and outstanding preferred stock on Oct. 20.
The electric utility is based in Richmond, Va.
| Issuer: | Virginia Electric and Power Co.
|
| Amount: | $200 million
|
| Description: | Add-on to 4.45% notes due 2044
|
| Maturity: | Feb. 15, 2044
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc.
|
| Coupon: | 4.45%
|
| Price: | 107.49
|
| Yield: | 4.009%
|
| Spread: | Treasuries plus 105 bps
|
| Make-whole call: | Treasuries plus 15 bps prior to Aug. 15, 2043, then callable at par
|
| Trade date: | Oct. 20
|
| Settlement date: | Oct. 23
|
| Ratings: | Moody’s: A2
|
| Standard & Poor's: A-
|
| Fitch: A-
|
| Price talk: | Treasuries plus 110 bps area
|
| Total issue size: | $600 million, including $400 million priced on Feb. 4, 2014
|
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