Tucson Electric Power Co. yesterday closed a $117.5 million bond deal, converting its variable-rate debt to fixed and ending the saga of failed dutch auctions that have plagued the utility for more than a year.

The bonds were priced to yield 7.25%, lower than the average rate resulting from almost three years of monthly dutch auctions, according to Tucson's financial adviser, Joseph S. Fichera, a managing director at Bear, Stearns & Co.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.