Name of Securities: | First Mortgage Bonds, 5.10% Series due June 1, 2065 |
Size: | $500,000,000 |
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: | May 19, 2015 |
Settlement Date: | May 22, 2015 (T+3) |
Maturity Date: | June 1, 2065 |
Interest Payment Dates: | June 1 and December 1, commencing December 1, 2015 |
Coupon (Interest Rate): | 5.10% |
Benchmark Treasury: | 2.500% due February 15, 2045 |
Benchmark Treasury Yield: | 3.045% |
Spread to Benchmark Treasury: | +210 basis points (2.10%) |
Yield to Maturity: | 5.145% |
Price to Public: | 99.193%, plus accrued interest from, and including, May 22, 2015 |
Make-Whole Redemption Provision: | Prior to December 1, 2064, make-whole call at Adjusted Treasury Rate +35 basis points |
Par Redemption Provision: | On or after December 1, 2064 |
Underwriting Discount: | 0.875% |
Net Proceeds to Issuer (before expenses): | $491,590,000, plus accrued interest from, and including, May 22, 2015 |
Denominations: | $1,000 x $1,000 |
CUSIP: | 837004 CJ7 |
Joint Book-Running Managers: | Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Mizuho Securities USA Inc., Morgan Stanley & Co. LLC and UBS Securities LLC |
Co-Managers: | BB&T Capital Markets, a division of BB&T Securities, LLC, Mitsubishi UFJ Securities (USA), Inc. and Synovus Securities, Inc. |