By Rebecca Melvin
New York, Sept. 13 – Oncor Electric Delivery Co. LLC priced $700 million of 3.1% senior secured notes due 2049 under Rule 144A and Regulation S on Thursday, according to a company news release filed with the Securities and Exchange Commission.
The notes constitute a separate series of notes but will be treated together with Oncor’s other outstanding securities issued under an Aug. 1, 2022 indenture regarding amendments and waivers and certain other actions.
The notes are callable before March 15, 2049 at par plus interest and a make-whole premium.
The proceeds will be used for general corporate purposes, including to repay notes when due under the company’s commercial paper program.
In connection with the sale, Oncor entered into a registration rights agreement with representatives of the initial purchasers of the notes, under which Oncor agreed to file a registration statement with respect to a registered offer to exchange the notes for publicly registered notes within 315 days after the issue date.
If Oncor does not comply with certain of its obligations under the registration rights agreement, the affected notes will bear additional interest on the principal amount of 0.50% over the interest rate otherwise provided for under the notes for the period during which the registration default continues, but not later than the second anniversary of the issue date of the notes.
Oncor Electric Delivery is an electric company based in Dallas.
| Issuer: | Oncor Electric Delivery Co. LLC
|
| Amount: | $700 million
|
| Description: | Senior secured notes
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| Maturity: | Sept. 15, 2049
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| Coupon: | 3.1%
|
| Call: | Before March 15, 2049 for par plus a make-whole
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| Pricing date: | Sept. 12
|
| Distribution: | Rule 144A and Regulation S
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