The offer covers 3.30% Senior Notes due December 1, 2027, and 2.10% First Mortgage Bonds due August 1, 2027. Under the terms, the company has established an acceptance priority level, placing the senior notes in the first tier and the mortgage bonds in the second. Tenders must be submitted by 5:00 p.m. New York City time on July 31, 2026, to qualify for the consideration, which includes a fixed spread over the yield of the relevant U.S. Treasury securities.
Beyond the tender offer, the company has issued a conditional notice to redeem all $450 million of its 5.450% First Mortgage Bonds due June 15, 2027. This redemption is scheduled for August 6, 2026, provided the company secures the necessary capital. J.P. Morgan Securities LLC and Barclays Capital Inc. are serving as dealer managers for the tender process, while D. F. King & Co. acts as the information agent. The entire operation remains subject to a financing condition, requiring the utility to complete new capital markets transactions before the buybacks can be finalized.
Comments (0)
No comments yet. Be the first!