By Cristal Cody
Tupelo, Miss., May 15 – Potomac Electric Power Co. priced a $200 million add-on to its 4.15% first mortgage bonds (A2/A/A-) due March 15, 2043 on Monday at 102.032 to yield 4.021%, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at a spread of Treasuries plus 100 basis points.
RBC Capital Markets Corp. and TD Securities (USA) LLC were the bookrunners.
The original $250 million issue sold at Treasuries plus 90 bps on March 11, 2013. The company sold an additional $200 million of the notes at 110 bps over Treasuries on March 16. The total outstanding now is $650 million.
Proceeds will be 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 reopening
|
| Description: | First mortgage bonds
|
| Maturity: | March 15, 2043
|
| Bookrunners: | RBC Capital Markets Corp. and TD Securities (USA) LLC
|
| Senior co-manager: | BNY Capital Markets Inc.
|
| Co-manager: | Drexel Hamilton, LLC
|
| Coupon: | 4.15%
|
| Price: | 102.032
|
| Yield: | 4.021%
|
| Spread: | Treasuries plus 100 bps
|
| Call features: | Make-whole call at greater of par or 15 bps over Treasuries before Sept. 15, 2042; thereafter at par
|
| Trade date: | May 15
|
| Settlement date: | May 22
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A-
|
| Distribution: | SEC registered
|
| Total outstanding: | $650 million, including $250 million priced on March 11, 2013 at 90 bps over Treasuries and a $200 million add-on priced on March 16 at 110 bps over Treasuries
|
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