Name of Securities: | First Mortgage Bonds, 4.60% Series due June 15, 2043 |
Size: | $400,000,000 |
Expected Ratings: | Moody’s: A3 (stable outlook); S&P: A (negative outlook); Fitch: A (stable outlook). A securities rating is not a recommendation to buy, sell or hold securities and may be subject to review, revision, suspension, reduction or withdrawal at any time by the assigning rating agency. |
Trade Date: | June 10, 2013 |
Settlement Date: | June 14, 2013 (T+4) |
Maturity: | June 15, 2043 |
Coupon (Interest Rate): | 4.60% |
Benchmark Treasury: | 3.125% due February 15, 2043 |
Benchmark Treasury Yield: | 3.351% |
Re-Offer Spread: | +128 basis points (1.28%) |
Re-Offer Yield: | 4.631% |
Interest Payment Dates: | June 15 and December 15, commencing December 15, 2013 |
Make-Whole Redemption Provision: | Prior to December 15, 2042, make-whole call at Adjusted Treasury Rate +20 basis points |
Par Redemption Provision: | December 15, 2042 |
Underwriting Discount: | 0.875% |
Net Proceeds to Issuer (before expenses): | $394,500,000, plus accrued interest from, and including, June 14, 2013 |
Price to Public: | 99.500%, plus accrued interest from, and including, June 14, 2013 |
Denominations: | $1,000 x $1,000 |
CUSIP: | 837004 CG3 |
Joint Book-Running Managers: | Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, UBS Securities LLC, Mizuho Securities USA Inc. and TD Securities (USA) LLC |
Co-Managers: | BB&T Capital Markets, a division of BB&T Securities, LLC, Mitsubishi UFJ Securities (USA), Inc. and Synovus Securities, Inc. |