New Issue: PECO Energy prices $300 million 1.7% five-year mortgage bonds at 50 bps spread

By Cristal Cody

Eureka Springs, Ark., Sept. 14 – PECO Energy Co. priced $300 million of 1.7% five-year first and refunding mortgage bonds at 99.972 to yield 1.706% on Wednesday, according to an FWP filing with the Securities and Exchange Commission.

The bonds (A3/A-/A) priced with a spread of 50 basis points over Treasuries.

The bookrunners were Morgan Stanley & Co. LLC, Credit Agricole Securities (USA) Inc., SMBC Nikko Securities America, Inc. and CIBC World Markets Corp.

Proceeds from the deal 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:	$300 million
Description:	First and refunding mortgage bonds
Maturity:	Sept. 15, 2021
Bookrunners:	Morgan Stanley & Co. LLC, Credit Agricole Securities (USA) Inc., SMBC Nikko Securities America, Inc., CIBC World Markets Corp.
Senior co-manager:	Loop Capital Markets LLC
Co-managers:	Apto Partners, LLC, MFR Securities, Inc.
Coupon:	1.7%
Price:	99.972
Yield:	1.706%
Spread:	Treasuries plus 50 bps
Call features:	Before Aug. 15, 2021 at greater of par or Treasuries plus 10 bps; on or after Aug. 15, 2021 at par
Trade date:	Sept. 14
Settlement date:	Sept. 21
Ratings:	Moody’s: A3
	S&P: A-
	Fitch: A
Distribution:	SEC registered

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