By Andrea Heisinger
Omaha, March 24 - Potomac Electric Power Co. reopened its 6.5% 30-year senior notes Monday to add $250 million, an informed source said.
The notes (Baa1/BBB+/A) priced at 96.917 to yield 6.741%, or Treasuries plus 245 basis points.
The notes have a make-whole redemption option of Treasuries plus 35 bps.
Bookrunners were Citigroup Global Markets Inc. and J.P. Morgan Securities Inc.
Proceeds will be used to repay existing debt and for general corporate purposes.
Total issuance is now $500 million, including $250 million issued Nov. 16, 2007.
The electric company is based in Washington, D.C.
| Issuer: | Potomac Electric Power Co.
|
| Issue: | Senior notes
|
| Amount: | $250 million reopened
|
| Maturity: | Nov. 15, 2037
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities Inc.
|
| Coupon: | 6.5%
|
| Price: | 96.917
|
| Yield: | 6.741%
|
| Spread: | Treasuries plus 245 bps
|
| Call: | Make-whole at Treasuries plus 35 bps
|
| Trade date: | March 24
|
| Settlement date: | March 31
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: A
|
| Total amount: | $500 million, including $250 million issued Nov. 16, 2007
|
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