By Cristal Cody
Tupelo, Miss., Feb. 15 – PECO Energy Co. sold $325 million of 3.9% 30-year first and refunding mortgage bonds on Thursday at a spread of 77 basis points over Treasuries, on the tight side of talk, according to a market source and an FWP filing with the Securities and Exchange Commission.
The bonds (Aa3/A-/A) priced at 99.508 to yield 3.928%.
The bookrunners were Mizuho Securities USA Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and PNC Capital Markets LLC.
Proceeds will be used with cash balances to refinance some of the company’s $500 million of 5.35% first and refunding mortgage bonds due March 1, 2018 at maturity.
The electric and natural gas transmission subsidiary of Exelon is based in Philadelphia.
| Issuer: | PECO Energy Co.
|
| Amount: | $325 million
|
| Description: | First and refunding mortgage bonds
|
| Maturity: | March 1, 2048
|
| Bookrunners: | Mizuho Securities USA Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and PNC Capital Markets LLC
|
| Senior co-manager: | BNY Capital Markets Inc.
|
| Co-managers: | Academy Securities, Inc., C.L. King & Associates, Inc. and Samuel A. Ramirez & Co., Inc.
|
| Coupon: | 3.9%
|
| Price: | 99.508
|
| Yield: | 3.928%
|
| Spread: | Treasuries plus 77 bps
|
| Call features: | Make-whole call at greater of par or Treasuries plus 12.5 bps before Sept. 1, 2047; thereafter at par
|
| Trade date: | Feb. 15
|
| Settlement date: | Feb. 23
|
| Ratings: | Moody’s: Aa3
|
| S&P: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 80 bps area
|
© 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.
