By Andrea Heisinger
New York, Sept. 25 - Peco Energy Co. priced $300 million of 5.6% five-year first and refunding mortgage bonds Thursday to yield Treasuries plus 262.5 basis points, according to an FWP filing with the Securities and Exchange Commission.
The bonds (A2/A/A) priced at 99.72 to yield 5.664%. They have a make-whole redemption option of Treasuries plus 45 bps.
Bookrunners were Banc of America Securities LLC, Morgan Stanley & Co. and Scotia Capital.
Co-managers were BNP Paribas, KeyBanc Capital Markets, Lazard Capital Markets, RBS Greenwich Capital and SunTrust Robinson Humphrey.
Proceeds will be used to refinance a portion of intercompany borrowings of $390 million.
The subsidiary of Exelon Corp. is based in Philadelphia.
| Issuer: | Peco Energy Co.
|
| Issue: | First and refunding mortgage bonds
|
| Amount: | $300 million
|
| Maturity: | Oct. 15, 2013
|
| Bookrunners: | Banc of America Securities LLC, Morgan Stanley & Co., Scotia Capital
|
| Co-managers: | BNP Paribas, KeyBanc Capital Markets, Lazard Capital Markets, RBS Greenwich Capital, SunTrust Robinson Humphrey
|
| Coupon: | 5.6%
|
| Price: | 99.72
|
| Yield: | 5.664%
|
| Spread: | Treasuries plus 262.5 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Trade date: | Sept. 25
|
| Settlement date: | Oct. 2
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
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