By Aleesia Forni
Virginia Beach, Sept. 28 – PECO Energy Co. sold $350 million of 3.15% 10-year first and refunding mortgage bonds (Aa3/A-/A) on Monday at Treasuries plus 110 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.59 to yield 3.198%.
The notes sold in line with guidance and tighter than initial talk set in the 125 bps area over Treasuries.
The joint bookrunners are Credit Suisse Securities (USA) LLC, MUFG, Scotia Capital (USA) Inc., Mizuho Securities USA Inc. and Morgan Stanley & Co. LLC.
Proceeds will be used for general corporate purposes.
The electric and natural gas transmission subsidiary of Exelon is based in Philadelphia.
| Issuer: | PECO Energy Co.
|
| Amount: | $350 million
|
| Description: | First and refunding mortgage bonds
|
| Maturity: | Oct. 15, 2025
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, MUFG, Scotia Capital (USA) Inc., Mizuho Securities USA Inc., Morgan Stanley & Co. LLC
|
| Senior co-manager: | PNC Capital Markets LLC
|
| Co-managers: | Drexel Hamilton, LLC, Williams Capital Group LP
|
| Coupon: | 3.15%
|
| Price: | 99.59
|
| Yield: | 3.198%
|
| Spread: | Treasuries plus 110 bps
|
| Make-whole call: | Treasuries plus 20 bps prior to July 15, 2025, then callable at par
|
| Trade date: | Sept. 28
|
| Settlement date: | Oct. 5
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 110 bps area, tightened from Treasuries plus 125 bps area
|
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