Deals this week: Southern Company, India Grid Trust, and Suzhou GCL New Energy Investment


Southern Company has announced the pricing of a public offering of series 2016B junior subordinated notes.

The offering will raise $550m in gross proceeds from the notes, which are due 15 March 2057 and carry a fixed interest rate of 5.5% a year up to 15 March 2022. This is payable semi-annually and it has a floating interest rate based on three month LIBOR plus 363 basis points thereafter.

Proceeds from the offering are intended to be used for general corporate purposes.

India Grid Trust has filed a draft with Securities and Exchange Board of India (SEBI) to issue units in an initial public offering (IPO) to raise (Rs26.5bn $389.28m).

The company is an infrastructure investment trust of Sterlite Power Grid Ventures and Sterlite Infraventures, which plan to use the proceeds partly to repay debts and partly for general corporate purposes.

Suzhou GCL New Energy Investment Company plans to issue fixed-rate bonds to fund renewable projects and repay earlier debts.

The issue will be a private placement, which will raise gross proceeds of CNY1.75bn ($247.46m) and will be subscribed to by up to 200 qualifying investors.

Delmarva Power & Light Company plans to raise $175m through public offering of 4.15% first mortgage bonds due 15 May 2045.

The interest on the bonds will be payable semi-annually on 15 March and 15 November each year starting from 15 May, 2017.

Proceeds are intended to be used to repay liabilities including the principal and/or accrued and unpaid interest of outstanding 5.22% notes due 30 December 2016 and outstanding commercial paper, as well as for general corporate purposes.

TAPC Holdings LP has raised C$202.55m ($152.52m) through the private placement of senior secured floating rate bonds.

The proceeds will be used to finance the subsidiary’s affiliates, to repay some of the latter’s debts and for other general corporate purposes.