By Lisa Kerner
Charlotte, N.C., Feb. 15 - SSE plc announced the completion of a private placement of senior notes with 22 U.S.-based investors for a total consideration of $700 million, or about £450 million.
The senior notes consist of four tranches with maturities of five, seven, 10 and 12 years, with a weighted average maturity of 10.3 yrs. They have an all-in funding cost of 4.25% once swapped to sterling, according to a company news release.
Proceeds will be used to finance short-term debt and fund SSE's capital program.
Final documentation is expected to be completed in mid-April.
The funding supports SSE's large capital program of £1.5 billion to £1.7 billion a year out to 2015, said finance director Gregor Alexander.
SSE is a Scottish-registered British energy company with its headquarters located in Perth, United Kingdom.
| Issuer: | SSE plc
|
| Issue: | Senior notes
|
| Amount: | $700 million
|
| Maturities: | 5, 7, 10 and 12 years
|
| Distribution: | Private placement
|
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