By Andrea Heisinger
Omaha, Sept. 4 - Commonwealth Edison Co. priced $425 million of 10-year 6.15% first mortgage bonds Tuesday to yield 163 basis points more than Treasuries, a market source said.
The bonds (Baa2/BBB-/BBB) have a price of 99.718 and a yield of 6.188%.
There is a make-whole call at Treasuries plus 25 bps.
The bonds priced at the tight end of price talk, which was originally 170 to 175 bps over Treasuries and then lowered to 163 to 165 bps over Treasuries, a market source said.
Bookrunners were Credit Suisse Securities LLC, Morgan Stanley & Co. Inc. and Wachovia Capital Markets, LLC.
Proceeds will be used to repay revolving credit facility borrowings bearing interest at Libor plus 100 bps.
Commonwealth is a Chicago-based subsidiary of Exelon Corp. engaged in the purchase and regulated retail and wholesale sale of electricity.
| Issuer: | Commonwealth Edison Co.
|
| Amount: | $425 million
|
| Maturity: | Sept. 15, 2017
|
| Security description: | First mortgage bonds
|
| Bookrunners: | Credit Suisse Securities LLC, Morgan Stanley & Co. Inc., Wachovia Capital Markets, LLC
|
| Coupon: | 6.15%
|
| Price: | 99.718
|
| Yield: | 6.188%
|
| Spread: | Treasuries plus 163 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Trade date: | Sept. 4
|
| Settlement date: | Sept. 10
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Fitch: BBB
|
| Price talk: | 163 to 165 bps
|
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