By Andrea Heisinger
New York, March 11 - Potomac Electric Power Co. priced $250 million of 4.15% 30-year first mortgage bonds (A3/A/A) on Monday at a spread of Treasuries plus 90 basis points, according to an FWP filing with the Securities and Exchange Commission.
Pricing was at 99.609 to yield 4.173%. There is a make-whole call at Treasuries plus 15 bps to Sept. 15, 2042, and a par call after that date.
Bookrunners were Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Scotia Capital (USA) Inc.
Proceeds are being used 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 $200 million sale of 10-year notes on March 28, 2012.
| Issuer: | Potomac Electric Power Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | March 15, 2043
|
| Bookrunners: | Barclays, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Scotia Capital (USA) Inc.
|
| Co-managers: | Loop Capital Markets LLC, Williams Capital Group LP
|
| Coupon: | 4.15%
|
| Price: | 99.609
|
| Yield: | 4.173%
|
| Spread: | Treasuries plus 90 bps
|
| Call: | Make-whole at Treasuries plus 15 bps to Sept. 15, 2042, par call after
|
| Trade date: | March 11
|
| Settlement date: | March 18
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A
|
| Fitch: A
|
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