By Wendy Van Sickle
Columbus, Ohio, Nov. 16 – Atlantic City Electric Co. entered into a purchase agreement Tuesday to sell $250 million of first mortgage bonds, according to an 8-K filed with the Securities and Exchange Commission.
J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Scotia Capital (USA) Inc. were the placement agents.
The bonds include
• $100 million of 2.27% bonds due Feb. 15, 2032; and
• $150 million of 3.06% bonds due Feb. 15, 2052.
Of the 2.27% bonds, $75 million closed on Tuesday and $25 million are expected to close in February along with all of the 3.06% bonds.
Proceeds will be used to repay debt and for general corporate purposes.
The electric company is based in Newark, Del.
| Issuer: | Atlantic City Electric Co.
|
| Issue: | First mortgage bonds
|
| Amount: | $250 million
|
| Agents: | J.P. Morgan Securities LLC, Mizuho Securities USA LLC and Scotia Capital (USA) Inc.
|
| Pricing date: | Nov. 16
|
| Distribution: | Private placement
|
|
|
| 2.27% notes
|
| Amount: | $75 million
|
| Maturity: | Feb. 15, 2032
|
| Coupon: | 2.27%
|
| Settlement date: | Nov. 16 for $75 million, $25 million expected in February
|
|
|
| 3.06% notes
|
| Amount: | $150 million
|
| Maturity: | Feb. 15, 2052
|
| Coupon: | 3.06%
|
| Settlement date: | Expected in February
|
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