By Rebecca Melvin
New York, Sept. 9 – Baltimore Gas and Electric Co. priced $400 million of 3.2% 30-year notes (A3/A/A) at 99.122 to yield 3.246%, or 115 basis points over Treasuries, on Monday, according to a pricing term sheet filed with the Securities and Exchange Commission.
The notes feature a make-whole call until March 15, 2049 and then a par call.
BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Wells Fargo Securities LLC and RBC Capital Markets LLC are the joint bookrunning managers.
Proceeds will be used to repay commercial paper obligations and for general corporate purposes.
Baltimore-based Baltimore Gas and Electric is a subsidiary of Exelon Corp.
| Issuer: | Baltimore Gas and Electric Co.
|
| Amount: | $400 million
|
| Description: | Notes
|
| Maturity: | Sept. 15, 2049
|
| Bookrunners: | BNP Paribas Securities Corp., J.P. Morgan Securities LLC, Wells Fargo Securities LLC and RBC Capital Markets LLC
|
| Senior co-managers: | Loop Capital Markets LLC and Williams Capital Group LP
|
| Co-managers: | Huntington Investment Group, MFR Securities Inc. and Siebert Cisneros Shank & Co. LLC
|
| Coupon: | 3.2%
|
| Price: | 99.122
|
| Yield: | 3.246%
|
| Spread: | Treasuries plus 115 bps
|
| Call feature: | Make-whole call at Treasuries plus 20 bps until March 15, 2049 and then a par call
|
| Trade date: | Sept. 9
|
| Settlement date: | Sept. 12
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
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