By Cristal Cody
Tupelo, Miss., June 1 – PECO Energy Co. priced an upsized $350 million of 2.8% 30-year first and refunding mortgage bonds (Aa3/A/A+) on Monday at 99.899 to yield 2.805%, or a spread of 135 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bonds were talked to come at the Treasuries plus 155 bps area.
The deal was upsized from $250 million.
CIBC World Markets Corp., Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc., Citigroup Global Markets Inc., MUFG and TD Securities (USA) LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
The electric and natural gas transmission subsidiary of Exelon is based in Philadelphia.
| Issuer: | PECO Energy Co.
|
| Amount: | $350 million
|
| Description: | First and refunding mortgage bonds
|
| Maturity: | June 15, 2050
|
| Bookrunners: | CIBC World Markets Corp., Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc., Citigroup Global Markets Inc., MUFG and TD Securities (USA) LLC
|
| Senior co-manager: | Siebert Williams Shank & Co. LLC
|
| Co-managers: | Bancroft Capital, LLC, MFR Securities, Inc. and Stern Brothers & Co.
|
| Coupon: | 2.8%
|
| Price: | 99.899
|
| Yield: | 2.805%
|
| Spread: | Treasuries plus 135 bps
|
| Call features: | Make-whole call at greater of par or Treasuries plus 25 bps before Dec. 15, 2049; thereafter at par
|
| Trade date: | June 1
|
| Settlement date: | June 8
|
| Ratings: | Moody’s: Aa3
|
| S&P: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 155 bps area
|
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