Vectren Capital prices $125 million of senior notes due 2017 and 2025
By APWednesday, August 11, 2010
Vectren prices $125 million worth of debt
Energy holding company Vectren Corp. said Wednesday that it has priced $125 million worth of senior notes coming due in 2017 and 2025.
The company, based in Evansville, Ind., said it intends to use the proceeds from the sales to institutional investors to reduce short-term debt and for other corporate purposes.
Vectren will issue $75 million of 3.48 percent senior notes due Dec. 15, 2017, and $50 million of 4.53 percent senior notes due Dec. 15, 2025. The notes are expected to be issued on or around Dec. 15 of this year.
“We are pleased to have been able to execute these 7 and 15 year long-term debt issues to support our nonutility operations at very attractive interest rates and improve our available liquidity,” said Jerome A. Benkert, Jr., Vectren’s chief financial officer.
Vectren shares fell 74 cents, or 2.8 percent, to finish at $25.20 Wednesday.
