By Aleesia Forni
Virginia Beach, Nov. 19 - Monongahela Power Co. priced $1 billion of first mortgage bonds on Tuesday in two parts, according to a market source.
The company sold $400 million of 4.1% notes due 2024 with a spread of Treasuries plus 140 basis points.
There was also $600 million of 5.4% 30-year bonds priced at 160 bps over Treasuries.
Both tranches sold at the tight end of talk.
Proceeds will be used to repay debt.
The notes were sold under Rule 144A and Regulation S.
Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBS Securities Inc., Wells Fargo Securities LLC, Scotiabank, Credit Suisse Securities (USA) LLC, Keybanc Capital Markets LLC, Mitsubishi UFJ Securities (USA) Inc. and U.S. Bancorp Investments Inc. were the bookrunners.
The electric subsidiary of Allegheny Energy Inc. is based in Greensburg, Pa.
| Issuer: | Monongahela Power Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $1 billion
|
| Joint bookrunners: | Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, RBS Securities Inc., Wells Fargo Securities LLC, Scotiabank, Credit Suisse Securities (USA) LLC, Keybanc Capital Markets LLC, Mitsubishi UFJ Securities and U.S. Bancorp Investments Inc.
|
| Trade date: | Nov. 19
|
| Distribution: | Rule 144A, Regulation S
|
|
|
| Notes due 2024
|
| Amount: | $400 million
|
| Maturity: | April 15, 2024
|
| Coupon: | 4.1%
|
| Spread: | Treasuries plus 140 bps
|
| Price talk: | Treasuries plus 145 bps area
|
|
|
| Notes due 2043
|
| Amount: | $600 million
|
| Maturity: | Dec. 15, 2043
|
| Coupon: | 5.4%
|
| Spread: | Treasuries plus 160 bps
|
| Price talk: | Treasuries plus 165 bps area
|
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