By Andrea Heisinger
New York, March 29 - Keyspan Gas East Corp. gave terms Tuesday for its benchmark $500 million of 5.819% 30-year bonds (A3/A/) sold Monday at Treasuries plus 130 basis points, said a source close to the sale.
The Rule 144A bonds priced at par to yield 5.819%.
The company sold the securities at the tight end of guidance, which was in the range of 130 bps to 135 bps.
There is a make-whole call at 20 bps over Treasuries.
Bookrunners were Barclays Capital Inc., RBC Capital Markets Corp., Societe Generale and TD Securities (USA) Inc.
The utility is based in Hicksville, N.Y.
| Issuer: | Keyspan Gas East Corp.
|
| Issue: | Bonds
|
| Amount: | $500 million
|
| Maturity: | April 1, 2041
|
| Bookrunners: | Barclays Capital Inc., RBC Capital Markets Corp., Societe Generale, TD Securities (USA) Inc.
|
| Coupon: | 5.819%
|
| Price: | Par
|
| Yield: | 5.819%
|
| Spread: | Treasuries plus 130 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Distribution: | Rule 144A
|
| Trade date: | March 28
|
| Settlement date: | March 31
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Price talk: | 130 to 135 bps
|
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