By Lisa Kerner
Charlotte, N.C., Sept. 9 – Peoples Gas Light and Coke Co. agreed to sell $200 million of its first and refunding mortgage 4.21% bonds, series BBB due Nov. 1, 2044.
The transaction will fund on Nov. 3, according to a company news release.
Peoples will use a portion of the proceeds to refinance its existing $75 million first and refunding mortgage 4.875% bonds, series QQ, which become callable at par on Nov. 1.
Remaining proceeds will be used for general corporate purposes, including capital expenditures and the refinancing of short-term debt.
Peoples Gas, a subsidiary of Integrys Energy Group, Inc., is a Chicago-based regulated utility.
Issuer: | Peoples Gas Light and Coke Co.
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Issue: | First and refunding mortgage bonds, series BBB
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Amount: | $200 million
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Coupon: | 4.21%
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Maturity: | Nov. 1, 2044
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Pricing date: | Sept. 8
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Settlement date: | Nov. 3
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Distribution: | Private placement
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