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Central Maine Power Company, 83 Edison Drive, Augusta, ME 04336

Contact:   Howard Coon 
                  Howard.coon@IberdrolaUSA.com
                  207.458.3178

 

Release: Immediate  

  

Central Maine Power Prices $250 Million of First Mortgage Bonds


AUGUSTA, Maine, April 28, 2011 — Central Maine Power Company (CMP), a subsidiary of Iberdrola USA, today announced that it  priced $250 million of its first mortgage bonds to be issued in two tranches of 10 and 30 years. The notes were sold to various institutional investors through the private placement market.

CMP will be issuing $150 million of 4.20 percent Series B first mortgage bonds due July 15, 2021 and $100 million of 5.68 percent Series C first mortgage bonds due January 4, 2042. The proceeds received from the issuance of the first mortgage bonds will be used to finance capital expenditures relating to upgrades of the company’s electricity distribution and transmission infrastructure, including primarily the Maine Power Reliability Program (MPRP), a $1.4 billion investment in Maine’s bulk power transmission system. Subject to the satisfaction of customary closing conditions, the 10-year bonds will be issued on or about July 15, 2011 and the 30-year bonds will be issued on or about January 4, 2012.

The CMP 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 CMP and Iberdrola USA: CMP, a subsidiary of Iberdrola USA, is Maine’s largest electricity transmission and distribution company, serving more than 600,000 customers. The company has been ranked #1 in customer satisfaction three times by J.D. Power and Associates. 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.cmpco.com and www.iberdrolausa.com.


  

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