Exelon Announces Remarketing of $1.15 Billion in Aggregate Principal Amount of Debt Underlying Its Equity Units
March 30 2017 - 9:07AM
Business Wire
Exelon Corporation (NYSE: EXC) announced today that it has
successfully remarketed its 2.5 percent Junior Subordinated Notes
due 2024 (the “Original Notes”), which were originally issued on
June 17, 2014, as a component of Exelon’s Equity Units.
The Original Notes are being remarketed into $1,150,000,000
aggregate principal amount of 3.497 percent Junior Subordinated
Notes due 2022 (the “Remarketed Notes”). Effective April 3,
2017, the Remarketed Notes will bear interest at 3.497 percent per
year and will mature on June 1, 2022. The remarketing is
expected to close on April 3, 2017, subject to customary
closing conditions.
Exelon conducted the remarketing on behalf of holders of the
Equity Units and will not directly receive any proceeds from the
issuance and sale of the Remarketed Notes. The proceeds from the
issuance and sale of the Remarketed Notes will be used to purchase
a portfolio of treasury securities maturing on or about May 31,
2017. Exelon expects that a portion of the funds generated upon
maturity of the portfolio will be used on June 1, 2017 to settle
the purchase contracts it entered into as a part of the Equity
Units.
The remarketing is being made pursuant to an effective shelf
registration statement of Exelon that has been filed with the U.S.
Securities and Exchange Commission (SEC). This press release
does not constitute an offer to sell or a solicitation of an offer
to buy the securities described herein, nor shall there be any sale
of these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities law of any such
jurisdiction. The offering of notes in connection with the
remarketing may only be made by means of a prospectus and related
prospectus supplement, copies of which may be obtained at no cost
by visiting EDGAR on the SEC's website at www.sec.gov or by
contacting the following companies by mail, phone or email:
Citigroup Global Markets Inc.c/o Broadridge
Financial Solutions1155 Long Island Avenue, Edgewood, New
York 11717Phone: (800)
831-9146Email: prospectus@citi.com
Goldman, Sachs & Co.,Prospectus
Department200 West Street, New York, New York 10282Phone:
(866) 471-2526Email: prospectus-ny@ny.email.gs.com;
Merrill Lynch, Pierce, Fenner & Smith
Incorporated,Prospectus DepartmentNC1-004-03-43, 200 North College
Street, Third Floor, Charlotte, North Carolina28255-0001Phone:
(800) 294-1322email: dg.prospectus_requests@baml.com.
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 Exelon include those factors
discussed herein and in the prospectus supplements and base
prospectus filed in connection with the Remarketed Notes offering,
as well as the items discussed in (1) Exelon’s 2016 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 24: Commitments and Contingencies (All Registrants) to
the consolidated financial statements; and (2) other factors
discussed in filings with the SEC by Exelon. Readers are cautioned
not to place undue reliance on these forward-looking statements,
which apply only as of the date of this press release. None of the
Registrants undertakes any obligation to publicly release any
revision to its forward-looking statements to reflect events or
circumstances after the date of this press release.
Exelon Corporation (NYSE: EXC) is a Fortune 100 energy company
with the largest number of utility customers in the U.S. Exelon
does business in 48 states, the District of Columbia and Canada and
had 2016 revenue of $31.4 billion. Exelon’s six utilities deliver
electricity and natural gas to approximately 10 million customers
in Delaware, the District of Columbia, Illinois, Maryland, New
Jersey and Pennsylvania through its Atlantic City Electric, BGE,
ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one
of the largest competitive U.S. power generators, with more than
32,700 megawatts of nuclear, gas, wind, solar and hydroelectric
generating capacity comprising one of the nation’s cleanest and
lowest-cost power generation fleets. The company’s Constellation
business unit provides energy products and services to
approximately 2.2 million residential, public sector and business
customers, including more than two-thirds of the Fortune 100.
Follow Exelon on Twitter @Exelon.
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version on businesswire.com: http://www.businesswire.com/news/home/20170330005665/en/
Exelon CorporationPaul
Adams410-470-4167paul.adams@constellation.com
Exelon (NYSE:EXC)
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