By Andrea Heisinger
New York, Sept. 10 - Peco Energy Co. priced $350 million of 2.375% 10-year first mortgage bonds on Monday to yield Treasuries plus 70 basis points, a market source away from the trade said.
The notes (A1/A-/A) were sold at 99.912 to yield 2.385%. There is a make-whole call at 12.5 bps over Treasuries until June 15, 2022, with a par call after that date.
Active bookrunners were BNP Paribas Securities Corp., J.P. Morgan Securities LLC and U.S. Bancorp Investments Inc. Passive bookrunners were CIBC World Markets Corp. and Mizuho Securities USA Inc.
Proceeds will be used to pay $250 million of 4.75% first mortgage bonds due Oct. 1 at maturity and for general corporate purposes.
The electric and natural gas transmission subsidiary of Exelon is based in Philadelphia.
| Issuer: | Peco Energy Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $350 million
|
| Maturity: | Sept. 15, 2022
|
| Bookrunners: | BNP Paribas Securities Corp., J.P. Morgan Securities LLC, U.S. Bancorp Investments Inc. (active), CIBC World Markets Corp., Mizuho Securities USA Inc. (passive)
|
| Co-managers: | PNC Capital Markets LLC, Lebenthal & Co. LLC
|
| Coupon: | 2.375%
|
| Price: | 99.912
|
| Yield: | 2.385%
|
| Spread: | Treasuries plus 70 bps
|
| Call: | Make-whole at Treasuries plus 12.5 bps until June 15, 2022, par call after
|
| Trade date: | Sept. 10
|
| Settlement date: | Sept. 17
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A-
|
| Fitch: A
|
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