Emera Inc. subsidiary Tampa Electric Co. sold $350 million of 4.30% notes due June 15, 2048, for general corporate purposes, including the repayment of debts under its credit facilities.
Interest is payable June 15 and Dec. 15 of each year, starting Dec. 15. The notes have a spread to benchmark Treasury of 125 basis points and were expected to be rated A3 by Moody's and BBB+ by S&P Global Ratings, according to June 5 filings. The transaction is expected to settle on June 7.
J.P. Morgan Securities LLC, RBC Capital Markets LLC, Scotia Capital (USA) Inc., MUFG Securities Americas Inc. and Wells Fargo Securities LLC acted as joint book-running managers. Merrill Lynch Pierce Fenner & Smith Inc., BNY Mellon Capital Markets LLC, CIBC World Markets Corp., Morgan Stanley & Co. LLC, SunTrust Robinson Humphrey Inc. and TD Securities (USA) LLC served as co-managers.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.
