By Devika Patel
Knoxville, Tenn., March 9 – Spire Inc. and subsidiary Laclede Gas Co. arranged a private placement of $100 million of 10-year 3.93% senior unsecured notes and $170 million first mortgage bonds, according to a press release.
The bonds will be issued by the subsidiary and the notes by the parent.
The bonds will be sold in three tranches consisting of $50 million of 15-year bonds to bear interest between 3.58% and 3.68%; $70 million of 30-year bonds to bear interest between 4.17% and 4.23%; and $50 million of 40-year bonds to bear interest between 4.32% and 4.38%. Coupons will be set at settlement.
Settlement is expected on March 15.
Proceeds from this placement will be used primarily to repay other debt as well as for general corporate purposes.
St. Louis-based Spire is a public gas utility holding company.
| Issuer: | Spire Inc. and subsidiary Laclede Gas Co.
|
| Issue: | Senior unsecured notes, first mortgage bonds
|
| Amount: | $270 million
|
| Pricing date: | March 9
|
| Settlement date: | March 15
|
| Distribution: | Private placement
|
|
|
| Notes
|
| Amount: | $100 million
|
| Maturity: | 10 years
|
| Coupon: | 3.93%
|
|
|
| Bonds
|
| Amount: | $170 million
|
|
|
| First bonds tranche
|
| Amount: | $50 million
|
| Maturity: | 15 years
|
| Coupon: | Between 3.58% and 3.68%
|
|
|
| Second bonds tranche
|
| Amount: | $70 million
|
| Maturity: | 30 years
|
| Coupon: | Between 4.17% and 4.23%
|
|
|
| Third bonds tranche
|
| Amount: | $50 million
|
| Maturity: | 40 years
|
| Coupon: | Between 4.32% and 4.38%
|
© 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.
