By Andrea Heisinger
New York, March 19 - Peco Energy Co. sold $250 million 5% first mortgage bonds due Oct. 1, 2014 on Thursday to yield Treasuries plus 340 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bonds priced at the tight end of talk, a source close to the deal said. Guidance was in the 345 bps area, with a margin of plus or minus 5 bps.
The bonds (A2/A-/A) priced at 99.885 to yield 5.024% with a make-whole call at Treasuries plus 50 bps.
Bookrunners were BNP Paribas Securities, Loop Capital Markets LLC, Morgan Stanley & Co. Inc. and Wachovia Capital Markets LLC.
Proceeds will be used to refinance short-term borrowings and for general corporate purposes.
The electric subsidiary of Exelon Corp. is based in Philadelphia.
| Issuer: | Peco Energy Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | Oct. 1, 2014
|
| Bookrunners: | BNP Paribas Securities, Loop Capital Markets LLC, Morgan Stanley & Co. Inc., Wachovia Capital Markets LLC
|
| Coupon: | 5%
|
| Price: | 99.885
|
| Yield: | 5.024%
|
| Spread: | Treasuries plus 340 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | March 19
|
| Settlement date: | March 26
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A
|
| Price talk: | 345 bps area, plus or minus 5 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
