By Cristal Cody
Tupelo, Miss., Sept. 4 – PECO Energy Co. priced a $325 million reopening of 3.9% first and refunding mortgage bonds due March 1, 2048 on Tuesday at a spread of 105 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
The bonds (Aa3/A-/A) priced at 96.347 to yield 4.115%.
PECO Energy originally sold $325 million of the notes on Feb. 15 at 99.508 to yield 3.928% and a spread of 77 bps over Treasuries. The total outstanding is now $650 million.
The bookrunners were CIBC World Markets Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC and RBC Capital Markets LLC.
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.
| Issuer: | PECO Energy Co.
|
| Amount: | $325 million reopening
|
| Description: | First and refunding mortgage bonds
|
| Maturity: | March 1, 2048
|
| Bookrunners: | CIBC World Markets Corp., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC and RBC Capital Markets LLC
|
| Senior co-manager: | Santander Investment Securities Inc.
|
| Co-managers: | Huntington Investment Co., MFR Securities, Inc. and Penserra Securities LLC
|
| Coupon: | 3.9%
|
| Price: | 96.347
|
| Yield: | 4.115%
|
| Spread: | Treasuries plus 105 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: | Sept. 4
|
| Settlement date: | Sept. 11
|
| Ratings: | Moody’s: Aa3
|
| S&P: A-
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Total outstanding: | $650 million, including $325 million of notes priced Feb. 15 at 99.508 to yield 3.928% and a spread of 77 bps over Treasuries
|
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