Filed Pursuant to Rule 433
Registration No. 333-138101
March 22, 2007
The Cleveland Electric Illuminating Company
Pricing Term Sheet
|
Issuer |
The Cleveland Electric Illuminating Company |
|
Ratings |
Baa3 (Positive) / BBB- (Stable) / BBB- (Positive) (Moody’s/S&P/Fitch) |
|
Principal Amount |
$250,000,000 |
|
Security Type |
Senior Unsecured Notes |
|
Trade Date |
March 22, 2007 |
|
Settlement Date |
March 27, 2007 |
|
Maturity Date |
April 1, 2017 |
|
Coupon Payment Dates |
Semi-annual payments on April 1 and October 1 of each year, beginning October 1, 2007 |
|
Call Structure |
Make-whole call at T+20 |
|
Benchmark |
UST 4.625% due 2/17 |
|
Benchmark Price |
100- 06 |
|
Benchmark Yield |
4.601% |
|
Reoffer Spread |
+112.0 |
|
Reoffer Yield |
5.721% |
|
Coupon |
5.700% |
|
Price |
99.841% of principal amount |
|
Gross Spread (%) |
0.6500% |
|
Gross Spread ($) |
$1,625,000 |
|
Net Proceeds (%) |
99.191% |
|
Net Proceeds ($) |
$247,977,500 |
|
Bookrunner |
KeyBanc Capital Markets, a division of McDonald Investments Inc. (40%) |
|
|
Greenwich Capital Markets, Inc. (40%) |
|
Co-Manager(s) |
Mizuho Securities USA Inc. (5%) |
|
|
PNC Capital Markets LLC (5%) |
|
|
Scotia Capital (USA) Inc. (5%) |
|
|
The Williams Capital Group, L.P. (5%) |
|
CUSIP |
186108CF1 |
|
ISIN |
US186108CF17 |
|
|
|
The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering. Before you invest, you should read the prospectus for this offering in that registration statement, and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by searching the SEC online database (EDGAR) at www.sec.gov. Alternatively, you may obtain a copy of the prospectus from Greenwich Capital Markets, Inc. by calling toll-free at 1-866-884-2071 or KeyBanc Capital Markets by calling toll-free at 1-866-227-6479.