Pepco eyes $400 million sale of first mortgage bonds due 2024

By Aleesia Forni

Virginia Beach, March 11 - Potomac Electric Power Co. (Pepco) is expected to sell $400 million of first mortgage bonds due March 15, 2024, according to a 424B2 filed with the Securities and Exchange Commission on Tuesday.

J.P. Morgan Securities LLC, RBS Securities Inc., Wells Fargo Securities LLC, Citigroup Global Markets Inc. and Goldman Sachs & Co. are the joint bookrunners.

The co-managers are Ramirez & Co. Inc. and Mischler Finance Group Inc.

Proceeds will be used to repay the company's $175 million of 4.65% notes due April 15, 2014, and remaining proceeds will be used to repay its 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 $150 million sale of 30-year first mortgage bonds on Nov. 15 that priced with a 4.95% coupon and a spread of 115 bps.

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