By Marisa Wong
Los Angeles, Jan. 3 – Commonwealth Edison Co. (ComEd) priced $975 million of first mortgage bonds (A1/A/A) in two parts on Tuesday, according to an FWP filing with the Securities and Exchange Commission.
ComEd priced $400 million of 4.9% series 134 bonds due Feb. 1, 2033 at 99.666 to yield 4.942%, or a spread of 115 basis points over Treasuries.
The company also priced $575 million of 5.3% series 135 bonds due on Feb. 1, 2053 at 99.757 to yield 5.316%, or a spread of 140 bps over Treasuries.
Both series feature make-whole calls followed by par calls.
BNP Paribas Securities Corp., BofA Securities, Inc., U.S. Bancorp Investments, Inc., Credit Agricole Securities (USA) Inc. and Credit Suisse Securities (USA) LLC are the joint bookrunners.
Proceeds will be used to repay outstanding commercial paper obligations and a term loan and for general corporate purposes. The $150 million term loan, entered on Oct. 4, has a 364-day maturity and carries an interest rate of SOFR plus 75 bps.
ComEd is a unit of Chicago-based energy provider Exelon Corp.
| Issuer: | Commonwealth Edison Co.
|
| Amount: | $975 million
|
| Issue: | First mortgage bonds
|
| Joint bookrunners: | BNP Paribas Securities Corp., BofA Securities, Inc., U.S. Bancorp Investments, Inc., Credit Agricole Securities (USA) Inc. and Credit Suisse Securities (USA) LLC
|
| Senior managers: | BNY Mellon Capital Markets, LLC, M&T Securities, Inc. and Santander Investment Securities Inc.
|
| Managers: | Academy Securities, Inc., Loop Capital Markets LLC, Penserra Securities LLC and Stern Brothers & Co.
|
| Counsel to issuer: | Sidley Austin LLP
|
| Counsel to underwriters: | Winston & Strawn LLP
|
| Trade date: | Jan. 3
|
| Settlement date: | Jan. 10
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
|
|
| Series 134 bonds
|
| Amount: | $400 million
|
| Maturity: | Feb. 1, 2033
|
| Coupon: | 4.9%
|
| Price: | 99.666
|
| Yield: | 4.942%
|
| Spread: | Treasuries plus 115 bps
|
| Call features: | Make-whole call at Treasuries plus 20 bps at any time prior to Nov. 1, 2032; par call after that
|
| Cusip: | 202795JX9
|
|
|
| Series 135 bonds
|
| Amount: | $575 million
|
| Maturity: | Feb. 1, 2053
|
| Coupon: | 5.3%
|
| Price: | 99.757
|
| Yield: | 5.316%
|
| Spread: | Treasuries plus 140 bps
|
| Call features: | Make-whole call at Treasuries plus 25 bps at any time prior to Aug. 1, 2052; par call after that
|
| Cusip: | 202795JY7
|
|
|
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