By Andrea Heisinger
New York, Dec. 3 - Potomac Electric Power Co. priced $250 million 7.9% 30-year first mortgage bonds Wednesday to yield Treasuries plus 462.7 basis points, according to an FWP filing with the Securities and Exchange Commission.
The bonds (Baa1/BBB+/A) priced at par to yield 7.9%. They have a make-whole call of Treasuries plus 50 bps.
Bookrunners were J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc., Scotia Capital, SunTrust Robinson Humphrey and Wachovia Capital Markets.
Proceeds will be used to repay debt under a primary credit facility and for general corporate purposes.
The electric company is based in Washington, D.C.
| Issuer: | Potomac Electric Power Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | Dec. 15, 2038
|
| Bookrunners: | J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc., Scotia Capital, SunTrust Robinson Humphrey, Wachovia Capital Markets
|
| Coupon: | 7.9%
|
| Price: | Par
|
| Yield: | 7.9%
|
| Spread: | Treasuries plus 462.7 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Dec. 3
|
| Settlement date: | Dec. 10
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: A
|
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