Baltimore Gas and Electric Raises USD300 Million in Public Offering of 3.75% Notes Due 2047

Published: Aug 21 2017
Deal Summary

Baltimore Gas and Electric Company, an electric utility company, has completed the public offering of 3.75% international bonds due August 15, 2047, for gross proceeds of USD300 million. The notes were issued at 99.199% of the principal amount and will yield 3.795% upon maturity.

Interest on notes will be paid semi-annually on February 15 and August 15 of each year, beginning on February 15, 2018. At any time prior to February 15, 2047 (six months prior to the maturity date), the notes can be redeemed at a discount rate of Treasury plus 15 basis points; and on or after February 15, 2047, at 100% of the principal, plus accrued interest to the redemption date.

Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC acted as joint book-running managers, while Apto Partners, LLC and Penserra Securities LLC acted as managers, while Winston & Strawn LLP acted as legal advisor to the company for the offering.

The company intends to use the proceeds to redeem USD250 million in principal amount of the 6.2% deferrable interest subordinated debentures, to repay its commercial paper obligations and for general corporate purposes.

Deal History:

Announced/Pricing: On August 21, 2017, Baltimore Gas and Electric priced the public offering of 3.75% notes due August 15, 2047, for gross proceeds of USD300 million.

Planned: On April 28, 2017, Baltimore Gas and Electric announced a public offering of debt securities and may offer and sell from time to time.

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