Commonwealth Edison to price first mortgage bonds due 2051

By Marisa Wong and Cristal Cody

Los Angeles, Aug. 5 – Commonwealth Edison Co. (ComEd) plans to offer first mortgage bonds, series 131, due Sept. 1, 2051, according to a 424B2 filing with the Securities and Exchange Commission.

Information was circulating that the notes would be sized at $450 million with a spread in the Treasuries plus 105 basis points to 110 bps area, according to a market source.

The bonds will be callable in whole or in part at any time.

BNP Paribas Securities Corp., BofA Securities, Inc., U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC (active), SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC (passive) are the joint bookrunners.

Proceeds will be used to refinance $350 million of 3.4% first mortgage bonds, series 112, maturing Sept. 1, 2021 and for general corporate purposes.

ComEd is a unit of Chicago-based energy provider Exelon Corp.

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