By Devika Patel
Knoxville, Tenn., March 9 – Spire Inc. and subsidiary Laclede Gas Co. completed a private placement of $100 million of 10-year 3.93% senior unsecured notes and $170 million first mortgage bonds on March 15 and March 20, according to an 8-K filed with the Securities and Exchange Commission.
The mortgage bonds were issued by the subsidiary and the senior notes by the parent.
The mortgage bonds were 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.
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.
| Issuers: | Spire Inc. and subsidiary Laclede Gas Co.
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| Issue: | Senior unsecured notes, first mortgage bonds
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| Amount: | $270 million
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| Pricing date: | March 9
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| Settlement date: | March 15 (for $100 million by Spire), March 20 (for $170 million by Laclede)
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| Distribution: | Private placement
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| Senior notes
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| Issuer: | Spire Inc.
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| Amount: | $100 million
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| Maturity: | 10 years
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| Coupon: | 3.93%
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|
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| Mortgage bonds
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| Issuer: | Laclede Gas Co.
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| Amount: | $170 million
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|
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| First bonds tranche
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| Amount: | $50 million
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| Maturity: | 15 years
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| Coupon: | Between 3.58% and 3.68%
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| Second bonds tranche
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| Amount: | $70 million
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| Maturity: | 30 years
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| Coupon: | Between 4.17% and 4.23%
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|
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| Third bonds tranche
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| Amount: | $50 million
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| Maturity: | 40 years
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| Coupon: | Between 4.32% and 4.38%
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