Potomac Electric Power offers two fixed-rate first mortgage bonds

Chicago, Feb. 26 – Potomac Electric Power Co. (Pepco) is offering two fixed-rate first mortgage bonds, according to a 424B2 filing with the Securities and Exchange Commission.

Until the par call options a number of months before their respective maturity dates, the notes will be callable early with make-whole redemption premiums.

Goldman Sachs & Co. LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., Barclays and Wells Fargo Securities, LLC are the bookrunners.

BNY Mellon Capital Markets, LLC and Loop Capital Markets LLC are the co-managers.

Bank of New York Mellon Trust Co., NA will be the trustee.

Ballard Spahr LLP is working as counsel for the issuer. Winston & Strawn LLP is advising the underwriters.

Proceeds will be used to refinance $400 million of first-mortgage bonds due March 15, 2024, to refinance $96 million of outstanding commercial paper borrowings with a 5.441% average interest rate and the remainder will be applied to general corporate purposes.

Pepco is the Washington, D.C.-based subsidiary of Exelon. The company purchases and regulates the retail sale of electricity and transmits and distributes electricity to retail customers.

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