By Aleesia Forni
Virginia Beach, Sept. 8 – PECO Energy Co. sold $300 million of 4.15% first and refunding mortgage bonds (/A-/A/) due 2044 with a spread of 95 basis points over Treasuries, according to a market source and a FWP filed with the Securities and Exchange Commission.
The notes sold tight of price guidance.
Pricing was at 99.657 to yield 4.17%.
The joint bookrunners were Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., RBS Securities Inc., BNY Mellon Capital Markets, LLC and TD Securities (USA) LLC.
Proceeds will be used to pay at maturity $250 million 5% first mortgage bonds due Oct. 1, 2014 and for other general corporate purposes. Any remaining proceeds are expected to be temporarily invested in short-term interest-bearing obligations.
The electric and natural gas transmission subsidiary of Exelon is based in Philadelphia.
| Issuer: | PECO Energy Co.
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| Amount: | $300 million
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| Description: | First mortgage bonds
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| Maturity: | Oct. 1, 2044
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| Bookrunners: | Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., RBS Securities Inc., BNY Mellon Capital Markets, LLC and TD Securities (USA) LLC.
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| Senior co-manager: | PNC Capital Markets LLC
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| Co-managers: | CastleOak Securities LP, Mischler Financial Group Inc.
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| Coupon: | 4.15%
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| Price: | 99.657
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| Yield: | 4.17%
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| Spread: | Treasuries plus 95 bps
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| Trade date: | Sept. 8
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| Settlement date: | Sept. 15
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| Ratings: | Standard & Poor's: A-
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| Fitch: A
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| Price talk: | Treasuries plus 100 bps to 105 bps area
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| Make-whole call: | Treasuries plus 15 bps prior to April 1, 2044, then callable at par
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