Union Electric Co. Finalizes $900M First Mortgage Bond Offering
Summary
Union Electric Company, also known as Ameren Missouri, finalized the terms for a $900 million offering of First Mortgage Bonds across two tranches, securing significant long-term financing.
Key Events
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Bond Offering Finalized
Union Electric Company finalized the terms for a $900,000,000 offering of First Mortgage Bonds, consisting of two tranches: $450M due 2036 and $450M due 2056.
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Pricing Details Confirmed
The 2036 Bonds carry a 4.80% coupon with a re-offer yield of 4.809%, while the 2056 Bonds have a 5.55% coupon and a re-offer yield of 5.576%.
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Investment Grade Ratings
The bonds are expected to receive investment-grade ratings of A2 (Stable) from Moody's and A (Stable) from S&P.
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Settlement Date Set
The offering is scheduled to settle on February 27, 2026.
Analysis
This Free Writing Prospectus finalizes the terms for Union Electric Company's substantial $900 million offering of First Mortgage Bonds. The issuance, split into two tranches maturing in 2036 and 2056, secures significant long-term capital for the company. As a utility, debt financing is a routine and critical component of funding infrastructure and operational needs. The bonds received investment-grade ratings of A2 (Stable) from Moody's and A (Stable) from S&P, indicating strong creditworthiness. This successful pricing provides the company with necessary funds, albeit increasing its overall debt obligations.
At the time of this filing, UELMO was trading at $61.50 on OTC in the Energy & Transportation sector, with a market capitalization of approximately $14.7M. The 52-week trading range was $53.10 to $100.25. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.