By Taylor Fox and Cristal Cody
New York, March 3 – Commonwealth Edison Co. sold $700 million of first mortgage bonds due 2051 (A1/A/A) on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
The company sold the 3.125% bonds, series 130, at 99.864 to yield 3.132% and a Treasuries plus 90 basis points spread.
As previously reported, the bonds had initial talk in the Treasuries plus 110 basis points to 115 bps area, according to a market source.
There is a make-whole call until Sept. 15, 2050 and then a par call.
Citigroup Global Markets Inc., MUFG, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC are the active bookrunners. Additional bookrunners are Credit Agricole CIB, Credit Suisse Securities (USA) LLC and TD Securities (USA) LLC.
Proceeds will be used to repay commercial paper and two term loans and for general corporate purposes.
Commonwealth Edison is a unit of Chicago-based energy provider Exelon Corp.
| Issuer: | Commonwealth Edison Co.
|
| Amount: | $700 million
|
| Securities: | First mortgage bonds, series 130
|
| Maturity: | March 15, 2051
|
| Active bookrunners: | Citigroup Global Markets Inc., MUFG, U.S. Bancorp Investments Inc. and Wells Fargo Securities LLC
|
| Bookrunners: | Credit Agricole CIB, Credit Suisse Securities (USA) LLC and TD Securities (USA) LLC
|
| Senior co-manager: | BNY Mellon Capital Markets, LLC
|
| Co-managers: | Academy Securities, Inc., Apto Partners, LLC, Penserra Securities LLC and R. Seelaus & Co., LLC
|
| Coupon: | 3.125%
|
| Price: | 99.864
|
| Yield: | 3.132%
|
| Spread: | Treasuries plus 90 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps before Sept. 15, 2050; thereafter at par
|
| Trade date: | March 2
|
| Settlement date: | March 9
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Talk: | Treasuries plus 110 bps to 115 bps area
|
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