PECO eyes add-on to 3.9% first and refunding mortgage bonds

By Devika Patel

Knoxville, Tenn., Sept. 4 – PECO Energy Co. intends to price an add-on to its 3.9% first and refunding mortgage bonds due March 1, 2048, according to a 424B2 filing with the Securities and Exchange Commission.

The company sold $325 million of the bonds at 99.508 to yield 3.928%, with a spread of 77 basis points over Treasuries, in an offering that priced on Feb. 15 and settled on Feb. 23.

The bonds have a make-whole call at the greater of par or Treasuries plus 12.5 bps before Sept. 1, 2047 and are callable at par after that.

The joint bookrunners are CIBC Capital Markets, Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC and RBC Capital Markets LLC.

The senior co-manager is Santander Investment Securities Inc.

Proceeds will be used to satisfy short-term borrowings from the Exelon intercompany money pool and for general corporate purposes.

The electric and natural gas transmission subsidiary of Exelon is based in Philadelphia.

© 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.