By Andrea Heisinger
New York, Jan. 6 - CenterPoint Energy Houston Electric LLC priced an upsized $500 million of 7% five-year notes Tuesday to yield Treasuries plus 528.6 basis points, a market source said.
The issue was originally planned at $300 million.
The notes (Baa2/BBB+/BBB+) priced at 99.978 to yield 7%. They have a make-whole call of Treasuries plus 50 bps.
Bookrunners were UBS Investment Bank, Credit Suisse Securities and Scotia Capital.
Co-managers were Comerica Securities, HSBC Securities Inc., Mitsubishi UFJ Securities, RBC Capital Markets, SunTrust Robinson Humphrey and Wells Fargo Securities.
Proceeds will be used for general corporate purposes, including repayment of borrowings, capital expenditures and funding storm restoration costs.
The electric company and subsidiary of CenterPoint Energy Inc. is based in Houston.
| Issuer: | CenterPoint Energy Houston Electric LLC
|
| Issue: | General mortgage bonds
|
| Amount: | $500 million, upsized from $300 million
|
| Maturity: | March 1, 2014
|
| Bookrunners: | UBS Investment Bank, Credit Suisse Securities, Scotia Capital
|
| Co-managers: | Comerica Securities, HSBC Securities Inc., Mitsubishi UFJ Securities, RBC Capital Markets, SunTrust Robinson Humphrey, Wells Fargo Securities
|
| Coupon: | 7%
|
| Price: | 99.978
|
| Yield: | 7%
|
| Spread: | Treasuries plus 528.6 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Jan. 6
|
| Settlement date: | Jan. 9
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB+
|
| Fitch: BBB+
|
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