By Cristal Cody
Tupelo, Miss., Oct. 30 – Cleveland Electric Illuminating Co. priced $300 million of 4.55% senior notes due Nov. 15, 2030 (Baa3/BBB/BBB+) on Tuesday at a spread of 145 basis points over Treasuries, according to a market source.
The notes were initially talked to price in the Treasuries plus 155 bps area.
BofA Merrill Lynch, Barclays and PNC Capital Markets LLC were the bookrunners.
Cleveland Electric Illuminating is an Akron, Ohio-based energy company and subsidiary of FirstEnergy Corp.
| Issuer: | Cleveland Electric Illuminating Co.
|
| Amount: | $300 million
|
| Description: | Senior notes
|
| Maturity: | Nov. 15, 2030
|
| Bookrunners: | BofA Merrill Lynch, Barclays and PNC Capital Markets LLC
|
| Coupon: | 4.55%
|
| Spread: | Treasuries plus 145 bps
|
| Trade date: | Oct. 30
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB+
|
| Price talk: | Treasuries plus 155 bps area
|
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