Ameren Corp. sold $450 million of 2.50% senior notes due Sept. 15, 2024, to repay a portion of its short-term debt, consisting of commercial paper.
As of Sept. 10, the company's outstanding commercial paper was approximately $559 million, maturities of up to three days and a weighted-average interest rate of 2.29%, according to a Sept. 12 filing.
Interest on the notes is payable semiannually on March 15 and Sept. 15 of each year, starting March 15, 2020. The notes have a spread to benchmark Treasury of 92 basis points. The issue was expected to be rated Baa1 by Moody's and BBB by S&P Global Ratings.
BNP Paribas Securities Corp., BofA Securities Inc., Morgan Stanley & Co. LLC and SMBC Nikko Securities America Inc. acted as joint book-running managers. Academy Securities Inc., CastleOak Securities LP and Siebert Cisneros Shank & Co. LLC served as co-managers.
