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Morning Commentary: High-grade primary market quiet; Atlantic City Electric bonds on tap
By Devika Patel
Knoxville, Tenn., Oct. 9 – Primary activity in the investment-grade bond market waned after Monday’s Columbus Day holiday, with only one new deal announced on Tuesday morning.
Newark, Del., electric company Atlantic City Electric Co. reported plans to price $350 million of first mortgage bonds due Oct. 15, 2028.
The bonds feature a make-whole call until July 15, 2028 and then a par call.
Goldman Sachs & Co., Mizuho Securities USA Inc., Wells Fargo Securities LLC and Credit Suisse Securities (USA) LLC are the joint bookrunners. Santander Investment Securities Inc. is the senior co-manager.
Proceeds will be used to refinance at maturity $250 million of the company’s 7.75% first mortgage bonds due Nov. 15, 2018 and short-term borrowings and for general corporate purposes.
In other activity, Madrid-based multinational banking group BBVA Global Markets BV issued a call for its $150 million series 9 callable zero-coupon notes due 2040.
The notes will be redeemed at the optional redemption amount under the terms of the notes on Oct. 26.
The principal paying agent is Deutsche Bank, London Branch AG.
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