By Andrea Heisinger
New York, Sept. 7 - Wisconsin Electric Power Co. priced $300 million of 2.95% 10-year debentures on Wednesday to yield Treasuries plus 105 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A2/A-/A+) sold at 98.973 to yield 3.07%. They have a make-whole call at Treasuries plus 15 bps until June 15, 2021 and then are callable at par.
Bookrunners were Barclays Capital Inc., BNP Paribas Securities Corp. and Deutsche Bank Securities Inc.
Co-managers were Loop Capital Markets LLC and Samuel A. Ramirez & Co. Inc.
Proceeds are being used to repay short-term debt, for working capital and for general corporate purposes.
The company last priced bonds in a $250 million sale of 4.25% 10-year notes on Dec. 8, 2009 at Treasuries plus 90 bps.
The electric, natural gas and steam utility subsidiary of Wisconsin Energy Corp. is based in Milwaukee.
| Issuer: | Wisconsin Electric Power Co.
|
| Issue: | Debentures
|
| Amount: | $300 million
|
| Maturity: | Sept. 15, 2021
|
| Bookrunners: | Barclays Capital Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc.
|
| Co-managers: | Loop Capital Markets LLC, Samuel A. Ramirez & Co. Inc.
|
| Coupon: | 2.95%
|
| Price: | 98.973
|
| Yield: | 3.07%
|
| Spread: | Treasuries plus 105 bps
|
| Call: | Make-whole at Treasuries plus 15 bps until June 15, 2021, and after at par
|
| Trade date: | Sept. 7
|
| Settlement date: | Sept. 13
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A+
|
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