By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Aug. 5 – Commonwealth Edison Co. sold $450 million of first mortgage bonds due Sept. 1, 2051 (A1/A/A) on Thursday, according to an FWP filing with the Securities and Exchange Commission.
The company sold the 2.75% bonds, series 131, at 99.979 to yield 2.751% and a Treasuries plus 87 basis points spread.
As previously reported, the bonds had initial talk in the Treasuries plus 105 bps to 110 bps area, according to a market source.
There is a make-whole call until March 1, 2051 and then a par call.
BNP Paribas Securities Corp., BofA Securities, Inc., U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC are the active bookrunners. Additional bookrunners are SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC.
Proceeds will be used to refinance $350 million of 3.4% first mortgage bonds, series 112, maturing Sept. 1, 2021 and for general corporate purposes.
Commonwealth Edison is a unit of Chicago-based energy provider Exelon Corp.
| Issuer: | Commonwealth Edison Co.
|
| Amount: | $450 million
|
| Securities: | First mortgage bonds, series 131
|
| Maturity: | Sept. 1, 2051
|
| Active bookrunners: | BNP Paribas Securities Corp., BofA Securities, Inc., U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC
|
| Bookrunners: | SMBC Nikko Securities America, Inc. and TD Securities (USA) LLC
|
| Co-managers: | Bancroft Capital LLC, Loop Capital Markets LLC, Mischler Financial Group, Inc and Telsey Advisory Group LLC
|
| Coupon: | 2.75%
|
| Price: | 99.979
|
| Yield: | 2.751%
|
| Spread: | Treasuries plus 87 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps before March 1, 2051; thereafter at par
|
| Trade date: | Aug. 5
|
| Settlement date: | Aug. 12
|
| Ratings: | Moody’s: A1
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Talk: | Treasuries plus 105 bps to 110 bps area
|
| Cusip: | 202795JU5
|
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