By Cristal Cody
Chicago, Feb. 2 – Constellation Energy Corp.’s brand-new subsidiary Constellation Energy Generation, LLC, sold $1 billion of 3.046% pre-capitalized trust securities through its financing arm, according to a market source.
Fells Point Funding Trust is the issuer for the new P-Caps due Jan. 31, 2027, priced with a spread of 145 basis points over Treasuries. Price talk was 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.
| Issuer: | Fells Point Funding Trust
|
| Amount: | $1 billion
|
| Issue: | Pre-capitalized trust securities
|
| Maturity: | Jan. 31, 2027
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC (active), BNP Paribas Securities Corp., Credit Agricole CIB and Mizuho Securities USA Inc. (passive)
|
| Coupon: | 3.046%
|
| Spread: | Treasuries plus 145 bps
|
| Trade date: | Feb. 2
|
| Price talk: | Treasuries plus 160 bps area
|
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