By Aleesia Forni
Virginia Beach, Sept. 15 – AEP Texas Central Co. issued $250 million of 3.85% 10-year notes on Tuesday with a spread of 170 basis points over Treasuries, a market source said.
The offering priced at 99.021 to yield 3.969% and at the tight end of guidance set in the 175 bps area over Treasuries.
Bookrunners are BofA Merrill Lynch and SunTrust Robinson Humphrey Inc.
The subsidiary of Columbus, Ohio-based electricity provider American Electric Power plans to use the proceeds for general corporate purposes.
| Issuer: | AEP Texas Central Co.
|
| Amount: | $250 million
|
| Description: | Notes
|
| Maturity: | Oct. 1, 2025
|
| Bookrunners: | BofA Merrill Lynch, SunTrust Robinson Humphrey Inc.
|
| Coupon: | 3.85%
|
| Price: | 99.021
|
| Yield: | 3.969%
|
| Spread: | Treasuries plus 170 bps
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 18
|
| Ratings: | Moody’s: Baa1
|
| Standard & Poor’s: BBB
|
| Distribution: | Rule 144A, Regulation S
|
| Price guidance: | Treasuries plus 175 bps area, tightened from Treasuries plus 200 bps area
|
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