By Aleesia Forni
Virginia Beach, March 9 – Potomac Electric Power Co. priced a $200 million add-on to its existing 4.15% first mortgage bonds due March 15, 2043 at 110 basis points over Treasuries on Monday, according to an informed source and an FWP filing with the Securities and Exchange Commission.
The notes (A2/A/A-) sold at 104.211 to yield 3.899%.
Pricing was tight of initial talk set at 115 bps to 120 bps over Treasuries.
Bookrunners were BNY Mellon Capital Markets LLC, Morgan Stanley & Co. LLC and RBS Securities Inc.
The original $250 million issue sold at Treasuries plus 90 basis points on March 11, 2013.
Proceeds are being used to repay outstanding commercial paper and for general corporate purposes.
Potomac Electric is a utility based in Washington, D.C.
| Issuer: | Potomac Electric Power Co.
|
| Amount: | $200 million
|
| Proceeds: | $206,672,000
|
| Description: | Add-on to mortgage bonds
|
| Maturity: | March 15, 2043
|
| Bookrunners: | BNY Mellon Capital Markets LLC, Morgan Stanley & Co. LLC, RBS Securities Inc.
|
| Co-manager: | Mischler Financial Group Inc.
|
| Coupon: | 4.15%
|
| Price: | 104.211
|
| Yield: | 3.899%
|
| Spread: | 110 bps over Treasuries
|
| Make-whole call: | 15 bps over Treasuries prior to Sept. 15, 2042, then callable at par
|
| Trade date: | March 9
|
| Settlement date: | March 16
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Fitch: A-
|
| Distribution: | SEC registered
|
| Price talk: | 115 bps to 120 bps over Treasuries
|
| Total issue size: | $450 million, including $250 million priced on March 11, 2013 at 90 bps over Treasuries
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
