PECO Announces Pricing of $300 Million First and Refunding Mortgage Bonds
September 11 2014 - 2:27PM
Business Wire
PECO today announced that it has priced $300 million of first
and refunding mortgage bonds with an interest rate of 4.15 percent
due Oct. 1, 2044. The net proceeds from the sale of the bonds will
be used to pay, at maturity, $250 million in aggregate principal of
PECO’s 5 percent first and refunding mortgage bonds due Oct. 1,
2014 and for other general corporate purposes. The offering, priced
on Sept. 8, is scheduled to close on Sept. 15, 2014.
Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA
Inc. and RBS Securities Inc. are leading the offering as active
joint book-running managers. BNY Mellon Capital Markets, LLC and TD
Securities (USA) LLC. are serving as passive joint book-running
managers. PNC Capital Markets LLC is serving as senior co-manager
for the offering, and CastleOak Securities, L.P. and Mischler
Financial Group, Inc. are serving as co-managers for the
offering.
An automatic shelf registration statement relating to the sale
of the bonds became effective upon filing with the Securities and
Exchange Commission on May 23, 2014. The offering is being made by
means of a prospectus supplement and an accompanying prospectus.
Copies of the prospectus supplement and accompanying prospectus
relating to the offering may be obtained by calling Mitsubishi UFJ
Securities (USA), Inc. at 1-877- 649-6848, Mizuho Securities USA
Inc. at 1-866-271-7403 and RBS Securities Inc. at 1-866-884-2071.
This announcement does not constitute an offer to sell, or the
solicitation of an offer to buy, any of these securities.
Cautionary Statements Regarding Forward-Looking
Information
This Press Release contains certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 that are subject to risks and uncertainties. The factors
that could cause actual results to differ materially from the
forward-looking statements made by PECO include those discussed
herein as well as the items discussed in (1) PECO’s 2013 Annual
Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7.
Management’s Discussion and Analysis of Financial Condition and
Results of Operations and (c) ITEM 8. Financial Statements and
Supplementary Data: Note 19; (2) PECO’s Quarterly Reports 2013 on
Form 10-Q: for the quarters ended March 31, 2014 and June 30, 2014
Part I, Financial Information, ITEM 1. Financial Statements: Note
15 and 18, respectively and (3) other factors discussed in filings
with the Securities and Exchange Commission by PECO. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which apply only as of the date of this Current Report.
PECO undertakes no obligation to publicly release any revision to
its forward-looking statements to reflect events or circumstances
after the date of this Press Release.
Based in Philadelphia, PECO is an electric and natural gas
utility subsidiary of Exelon Corporation (NYSE: EXC). PECO serves
1.6 million electric and more than 500,000 natural gas customers in
southeastern Pennsylvania and employs about 2,400 people in the
region. PECO delivered 85.7 billion cubic feet of natural gas and
37.8 billion kilowatt-hours of electricity in 2013. Founded in
1881, PECO is one of the Greater Philadelphia Region's most active
corporate citizens, providing leadership, volunteer and financial
support to numerous arts and culture, education, environmental,
economic development and community programs and organizations. For
more information visit PECO.com, and connect with the company on
Facebook and Twitter.
If you are a member of the media and would like to receive
PECO news releases via e-mail please send your e-mail address
to PECO.Communication@exeloncorp.com
Exelon Investor RelationsFrancis Idehen,
312-394-3967francis.idehen@exeloncorp.comorPECO CommunicationsCathy
Engel Menendez, 215-841-5555catherine.engel@peco-energy.com
Exelon (NYSE:EXC)
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