By Cristal Cody
Tupelo, Miss., Oct. 2 – Cleveland Electric Illuminating Co. sold $350 million of 3.5% senior notes due April 1, 2028 (Baa3/BBB+/BBB+) on Monday at a spread of 120 basis points over Treasuries, according to a market source.
The notes were talked to price in the Treasuries plus 125 bps area.
Goldman Sachs & Co., Santander Investment Securities Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America Inc. were the bookrunners.
Cleveland Electric is an Akron, Ohio-based energy utility and subsidiary of FirstEnergy Corp.
| Issuer: | Cleveland Electric Illuminating Co.
|
| Amount: | $350 million
|
| Description: | Senior notes
|
| Maturity: | April 1, 2028
|
| Bookrunners: | Goldman Sachs & Co., Santander Investment Securities Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America Inc.
|
| Coupon: | 3.5%
|
| Spread: | Treasuries plus 120 bps
|
| Trade date: | Oct. 2
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Price talk: | Treasuries plus 125 bps area
|
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