MidAmerican Energy organizes two-tranche offering of mortgage bonds due 2024, 2046

By Cristal Cody

Tupelo, Miss., Oct. 5 – MidAmerican Energy Co. intends to price two tranches of first mortgage bonds (A1/A-/A+), according to a 424B5 filing with the Securities and Exchange Commission on Monday.

The deal includes a reopening of the company’s 3.5% first mortgage bonds due 2024 and new first mortgage bonds due 2046.

MidAmerican Energy originally sold $300 million of the bonds due Oct. 15, 2024 on March 31, 2014 at 99.511 to yield 3.556%, or Treasuries plus 83 basis points.

Barclays; Mizuho Securities; U.S. Bancorp Investments Inc.; Wells Fargo Securities LLC; BNP Paribas Securities Corp. and Citigroup Global Markets Inc. are the bookrunners.

Co-managers are BMO; BNY Mellon Capital Markets, LLC; J.P. Morgan Securities LLC; KeyBanc Capital Markets; MUFG; PNC Capital Markets LLC; RBC Capital Markets LLC; SMBC Niko; SunTrust Robinson Humphrey Inc. and Williams Capital Group, LP.

Proceeds will be used to repay about $426,254,000 of long-term debt due Dec. 31, 2015 and the remainder for general corporate purposes.

The utility company is based in Des Moines.

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