By Andrea Heisinger
Omaha, Feb. 25 - PECO Energy Co. priced an upsized $500 million of 5.35% 10-year first and refunding mortgage bonds Monday to yield Treasuries plus 147 basis points, an informed source said.
The issue was increased from $400 million.
The notes (A2/A/A) have a price of 99.832 to yield 5.372%. They have make-whole call at Treasuries plus 25 bps.
Price talk for the issue was in the area of 150 basis points more than Treasuries.
Bookrunners were Goldman Sachs & Co., Lehman Brothers Inc. and BNY Capital Markets. Co-managers were Mizuho Securities USA Inc., RBS Greenwich Capital, the Williams Capital Group LP and Toussaint Capital Partners, LLC.
Proceeds will be used to refinance commercial paper and for other general corporate purposes.
The subsidiary of energy company Exelon Corp. is based in Philadelphia.
| Issuer: | PECO Energy Co.
|
| Issue: | First and refunding mortgage bonds
|
| Amount: | $500 million, upsized from $400 million
|
| Maturity: | March 1, 2018
|
| Bookrunners: | Goldman Sachs & Co., Lehman Brothers Inc., BNY Capital Markets
|
| Co-managers: | Mizuho Securities USA Inc., RBS Greenwich Capital, the Williams Capital Group LP and Toussaint Capital Partners, LLC
|
| Coupon: | 5.35%
|
| Price: | 99.832
|
| Yield: | 5.372%
|
| Spread: | Treasuries plus 147 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Trade date: | Feb. 25
|
| Settlement date: | March 3
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
| Price talk: | Treasuries plus 150 bps area
|
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