Commonwealth Edison Raises USD350 Million in Public offering of 2.95% Series 122 Bonds Due 2027

Published: Aug 16 2017
Deal Summary

Commonwealth Edison Company (ComEd), an electric utility company and a subsidiary of Exelon Corporation, has completed the public offering of 2.95% series 122 first mortgage bonds due August 15, 2027, for gross proceeds of USD350 million. The bonds were issued at 99.726% of the principal amount and will yield 2.982% upon maturity.

Interest on the bonds will be paid semi-annually on February 15 and August 15 of each year, commencing on February 15, 2018. At any time prior to May 15, 2027 (three months prior to the maturity date), the bonds may be redeemed at a make whole price equal to the greater of (a) 100% of the principal amount or (b) discounted to the redemption date on a semi-annual basis at the Adjusted Treasury Rate plus 12.5 basis points; and on or after May 15, 2027, the bonds may be redeemed at 100% of the principal; plus, in each case, accrued and unpaid interest to, but excluding, the redemption date.

Mizuho Securities USA LLC, Scotia Capital (USA) Inc., U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC, CIBC World Markets Corp., and MBC Nikko Securities America, Inc. acted as joint book running managers, KeyBanc Capital Markets, Inc., Loop Capital Markets LLC and The Williams Capital Group, L.P. acted as senior co-manager, Blaylock Van, LLC, Melvin Securities, LLC and Samuel A. Ramirez & Company, Inc. acted as co-managers, while Sidley Austin LLP acted as legal advisor to the company for the offering.

Concurrently, the company completed the public offering of 3.75% series 123 first mortgage bonds due August 15, 2047, for gross proceeds of USD650 million.

The company intends to use the proceeds to refinance the USD425 million outstanding principal amount of its first mortgage 6.15% series 106 bonds due September 15, 2017, to repay a portion of its outstanding commercial paper obligations and for general corporate purposes.

Deal History:

Announced/Pricing: On August 16, 2017, Commonwealth Edison priced the public offering of 2.95% series 122 first mortgage bonds due August 15, 2027, for gross proceeds of USD350 million.

Filing: On April 28, 2017, Commonwealth Edison filed registration statement with the US Securities and Exchange Commission for time to time public offering of debt securities.

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