By Andrea Heisinger
New York, Jan. 10 - Commonwealth Edison Co. priced an upsized $600 million of 1.625% three-year first mortgage bonds, series 110, on Monday to yield Treasuries plus 70 basis points, a market source said by mid-afternoon.
The deal size was increased from $500 million, he said. The notes were priced at the tight end of guidance in the 75 bps area.
The notes (Baa1/A-/BBB+) priced at 99.855 to yield 1.675%. They have a make-whole call at 10 bps over Treasuries.
Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. Inc. were the bookrunners.
Co-managers were Loop Capital Markets LLC, Mizuho Securities USA Inc., Scotia Capital USA Inc. and RBC Capital Markets Corp.
Proceeds are being used as an interim source of liquidity for a planned January 2011 contribution to Exelon-sponsored pension plans.
The electric subsidiary of Exelon Corp. is based in Chicago.
| Issuer: | Commonwealth Edison Co.
|
| Issue: | First mortgage bonds, series 110
|
| Amount: | $600 million, increased from $500 million
|
| Maturity: | Jan. 15, 2014
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. Inc.
|
| Co-managers: | Loop Capital Markets LLC, Mizuho Securities USA Inc., Scotia Capital USA Inc., RBC Capital Markets Corp.
|
| Coupon: | 1.625%
|
| Price: | 99.855
|
| Yield: | 1.675%
|
| Spread: | Treasuries plus 70 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
| Trade date: | Jan. 10
|
| Settlement date: | Jan. 18
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: BBB+
|
| Price talk: | 75 bps area
|
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