Atlantic City Electric places $150 million of 3.5% 10-year bonds, 4.14% 30-year bonds

By Devika Patel

Knoxville, Tenn., May 21 – The private placement market awoke with a murmur of activity, as one new deal was announced on Tuesday.

Newark-based electric company Atlantic City Electric Co. priced and completed a private placement of $150 million first mortgage bonds on Tuesday.

Mizuho Securities USA LLC and Scotia Capital (USA) Inc. were the agents.

The bonds were sold in two tranches: $100 million of 3.5% bonds due May 21, 2029 and $50 million of 4.14% bonds due May 21, 2049.

Proceeds will be used to repay debt and for general corporate purposes.

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