By Aleesia Forni
Virginia Beach, Nov. 14 - Potomac Electric Power Co. (Pepco) brought a $150 million issue of 4.95% first mortgage bonds (A3/A/A-) due Nov. 15, 2043 to Thursday's primary, according to an FWP filed with the Securities and Exchange Commission.
The notes sold with a spread of Treasuries plus 115 basis points, pricing at 99.259 to yield 4.998%.
Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Scotia Capital (USA) Inc. were the joint bookrunners.
The company intends to use the proceeds from the offering to repay outstanding commercial paper and for general corporate purposes.
Potomac Electric, a utility based in Washington, D.C., was last in the U.S. bond market with a $250 million sale of 30-year first mortgage bonds on March 11 that priced with a 4.15% coupon and a spread of 90 bps.
| Issuer: | Potomac Electric Power Co.
|
| Amount: | $150 million
|
| Description: | First mortgage bonds
|
| Maturity: | Nov. 15, 2043
|
| Bookrunners: | Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Scotia Capital (USA) Inc.
|
| Co-managers: | Mischler Financial Group Inc., Ramirez & Co. Inc.
|
| Coupon: | 4.95%
|
| Price: | 99.259
|
| Yield: | 4.998%
|
| Spread: | Treasuries plus 115 bps
|
| Make-whole call: Treasuries plus 20 bps prior to May 15, 2043, then callable at par
|
| Trade date: | Nov. 14
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A-
|
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