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PECO Energy closes $325M bond offering

PECO Energy Co. closed an offering of $325 million of its 3.9% first and refunding mortgage bonds due March 1, 2048.

The Exelon Corp. utility will use proceeds to refinance a portion of its $500 million of 5.35% first and refunding mortgage bonds due March 1. The rest will be refinanced through available cash balance, according to a Feb. 23 Form 8-K filing.

Interest on the bonds is payable semiannually on March 1 and Sept. 1, starting Sept. 1. The bonds have a spread to benchmark Treasury of 77 basis points.

Mizuho Securities USA LLC, U.S. Bancorp Investments Inc., Wells Fargo Securities LLC and PNC Capital Markets LLC acted as joint book running managers. BNY Mellon Capital Markets LLC served as senior co-manager.