Oncor Electric begins private exchange offer for 6.375%, 5.95% notes

By Susanna Moon

Chicago, Sept. 8 - Oncor Electric Delivery Co. LLC said it began a private offer to exchange up to $350 million principal amount of its outstanding 6.375% senior secured notes due 2012 and up to $325 million principal amount of its outstanding 5.95% senior secured notes due 2013.

In exchange for the 6.375% notes, the company is offering a new series of senior secured notes due 2017 and for the 5.95% notes, a new series of senior secured notes due 2020.

The company said it will issue $970 principal amount of new notes for each $1,000 principal amount of old notes accepted. Holders will also receive an early premium of $30 principal amount of new notes for each note tendered by 5 p.m. ET on Sept. 21.

The exchange offer will expire at 11:59 p.m. ET on Oct. 5. Tendered notes may be withdrawn prior to 5 p.m. ET on Sept. 21.

Oncor will accept any tenders beyond the offer caps on a pro rata basis.

The exchange offer is only being made to holders who are qualified institutional buyers under Rule 144A or who are non-U.S. investors as defined under Regulation S under the Securities Act of 1933.

Oncor is a Dallas-based regulated electricity transmission and distribution company.

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