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In This List

MidAmerican Energy sells $850M of 1st mortgage bonds

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MidAmerican Energy sells $850M of 1st mortgage bonds

MidAmerican Energy Co. on Oct. 15 completed the sale of $850 million worth of first mortgage bonds to finance eligible green projects.

The offering consisted of $250 million of 3.65% bonds due 2029 and $600 million of 3.15% due 2050. Interest on the bonds is payable semiannually on each April 15 and Oct. 15, commencing April 15, 2020.

The 2029 bonds have a spread to benchmark Treasury of 75 basis points, while the 2050 bonds have a spread of 107 basis points. Both bonds were expected to be rated Aa2 by Moody's and A+ by S&P Global Ratings.

Citigroup Global Markets Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and Scotia Capital (USA) Inc. served as joint book-running managers. BNP Paribas Securities Corp., nabSecurities LLC, PNC Capital Markets LLC, RBC Capital Markets LLC, Santander Investment Securities Inc., SMBC Nikko Securities America Inc. and The Williams Capital Group LP acted as co-managers.

MidAmerican Energy is a subsidiary of Berkshire Hathaway Energy.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.