Rochester Gas and Electric Prices $125 Million of First Mortgage Bonds
(May 10, 2011) – Rochester Gas and Electric Corporation (RG&E), a subsidiary of Iberdrola USA, today announced that it priced $125 million of its first mortgage bonds. The bonds were sold to various institutional investors through the private placement market. The Series AAA notes will bear a coupon of 4.10 percent and will be due on July 29, 2021. The proceeds received from the issuance of the first mortgage bonds will be used to reduce short-term debt and for other general corporate purposes. Subject to the satisfaction of customary closing conditions, the bonds will be issued on or about July 29, 2011.
The RG&E first mortgage bonds will not be registered under the Securities Act of 1933 or any state securities laws and will not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act of 1933 and any state securities laws.
About RG&E and Iberdrola USA: RG&E, a subsidiary of Iberdrola USA, serves 367,000 electricity customers and 303,000 natural gas customers in a nine-county region centered on the City of Rochester. Iberdrola USA, a subsidiary of global energy leader Iberdrola, S.A., is an energy services and delivery company with more than 2.4 million customers in upstate New York and New England. We are a team of dedicated individuals working as one to deliver value to our customers, employees and shareholders. By providing outstanding customer service and exceptional reliability, while holding safety and the environment in high regard, we aspire to be a world-class energy company. For more information, visit www.rge.com and www.iberdrolausa.com. Follow us on Twitter: @RGandE.