New Constellation Energy subsidiary financing arm offers P-Caps

By Cristal Cody

Chicago, Feb. 2 – The brand-new subsidiary of Constellation Energy Corp., Constellation Energy Generation, LLC, is offering pre-capitalized trust securities through its financing arm, according to a market source.

Fells Point Funding Trust will be the issuer for the new P-Caps due Jan. 31, 2027, in the market with talk in the Treasuries plus 160 basis points area.

Active bookrunners for the deal are Credit Suisse Securities (USA) LLC and RBC Capital Markets LLC.

Passive bookrunners are BNP Paribas Securities Corp., Credit Agricole CIB and Mizuho Securities USA Inc.

Fixed-income investor calls were held Tuesday for the Rule 144A transaction.

As of Tuesday, Constellation became a stand-alone publicly traded company, as a spinoff from Exelon.

Baltimore-based Constellation announced that it is focusing on a carbon-free energy future and is a retail supplier of power and energy products and services for homes and businesses across the United States.

Constellation Energy Generation was formerly Exelon Generation Co., LLC.

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