Business News
Vectren Sells Debt
TSC and IRIS Staff
10/19/06 - 10:58 AM EDT
Vectren(VVC Quote) said it announced the closing Wednesday on the issuance of $100 million in 5.95% insured quarterly notes due Oct, 1, 2036.
Edward Jones was the sole manager and book runner on the offering, the Evansville, Ind.-based company said.
On Thursday, the proceeds will be used to redeem the existing $100 million of 7.25% senior notes due Oct. 15, 2031.
"We are pleased to complete this long-term debt financing and take advantage of the current favorable markets to redeem and refinance some of our existing higher coupon debt," the company added.