By Wendy Van Sickle
Columbus, Ohio, Sept. 6 – Madison Gas and Electric Co. (MGE), a wholly owned subsidiary of MGE Energy, Inc., entered on Aug. 31 into a note purchase agreement to sell $40 million of 5.61% series A senior notes due Sept. 15, 2034 and $30 million of 5.91% series B senior notes due Dec. 1, 2053, according to an 8-K filing with the Securities and Exchange Commission.
The series A notes are expected to be issued on Sept. 13 and the series B notes on Dec. 1.
The notes have a make-whole call and will also have a make-whole put if a change of control occurs.
Proceeds will be used to cover capital expenditures, to retire at maturity the $30 million of the company’s 3.09% senior notes due Sept. 15, 2023 and for other corporate obligations.
The utility holding company is based in Madison, Wis.
| Issuer: | Madison Gas and Electric Co.
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| Amount: | $70 million
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| Issue: | Senior notes
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| Call option: | Make-whole call at any time
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| Put option: | Par plus make-whole amount upon change of control
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| Pricing date: | Aug. 31
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| Series A notes
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| Amount: | $40 million
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| Maturity: | Sept. 15, 2034
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| Coupon: | 5.61%
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| Settlement date: | Sept. 13
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| Series B notes
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| Amount: | $30 million
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| Maturity: | Dec. 1, 2053
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| Coupon: | 5.91%
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| Settlement date: | Dec. 1
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