PECO Energy plans to price first and refunding mortgage bonds

By Mary-Katherine Stinson

Lexington, Ky., June 15 – PECO Energy Co. is planning to price a series of first and refunding mortgage bonds, according to a 424B5 filing with the Securities and Exchange Commission.

The bonds have a make-whole call option until a certain number of months before the maturity date and then a par call option.

BofA Securities, Inc., PNC Capital Markets LLC, RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc. are the joint bookrunners. M&T Securities, Inc. is a senior co-manager.

U.S. Bank NA is the mortgage trustee.

Ballard Spahr LLP is legal counsel to the issuer, and Winston & Strawn LLP is legal counsel to the underwriters.

Proceeds will be used to refinance a $50 million term loan maturing in June 2023 bearing interest at 2% and to refinance currently outstanding commercial paper having an approximate weighted average interest rate of 5.228% annually as of June 12 with the remainder for general corporate purposes.

The electric and natural gas transmission subsidiary of Exelon is based in Philadelphia.

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