By Cristal Cody
Tupelo, Miss., June 2 – Baltimore Gas and Electric Co. priced $400 million of 2.9% 30-year senior notes (A3/A/A) on Tuesday at 99.028 to yield 2.949%, or a spread of Treasuries plus 147 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes were initially talked to print in the 175 bps spread area.
Credit Agricole Securities (USA) Inc., SMBC Nikko Securities America Inc., U.S. Bancorp Investments Inc., CIBC World Markets Corp., Credit Suisse Securities (USA) LLC and Mizuho Securities USA Inc. were the bookrunners.
Proceeds will be used to repay commercial paper obligations and for general corporate purposes.
The Baltimore-based company is a natural gas and electric utility distributor and subsidiary of Exelon Corp.
| Issuer: | Baltimore Gas and Electric Co.
|
| Amount: | $400 million
|
| Description: | Notes
|
| Maturity: | June 15, 2050
|
| Bookrunners: | Credit Agricole Securities (USA) Inc., SMBC Nikko Securities America Inc., U.S. Bancorp Investments Inc., CIBC World Markets Corp., Credit Suisse Securities (USA) LLC and Mizuho Securities USA Inc.
|
| Senior co-manager: | Santander Investment Securities Inc.
|
| Co-managers: | Guzman & Co. and Siebert Williams Shank & Co., LLC
|
| Coupon: | 2.9%
|
| Price: | 99.028
|
| Yield: | 2.949%
|
| Spread: | Treasuries plus 147 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps before Dec. 15, 2049; thereafter at par
|
| Trade date: | June 2
|
| Settlement date: | June 5
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 175 bps area
|
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