Exelon Corp.sold $1.80 billion worth of notes to retire short-term debt incurred to completethe funding of its recently closedPepco Holdings LLC and for generalcorporate purposes.
Exelon sold $300.0 million of 2.45% notes due April 15, 2021,$750.0 million of 3.40% notes due April 15, 2026, and $750.0 million of 4.45% notesdue April 15, 2046. Interest on the notes is payable semiannually on April 15 andOct. 15, beginning Oct. 15.
The 2.45% notes have spread to benchmark Treasury of 125 basispoints, the 3.40% notes have spread to benchmark Treasury of 165 basis points andthe 4.45% notes have spread to benchmark Treasury of 190 basis points, accordingto a free writing prospectus filed April 5. The issue was rated BBB with a stableoutlook by Fitch Ratings.
Barclays Capital Inc., Goldman Sachs & Co., J.P. Morgan SecuritiesLLC, Scotia Capital (USA) Inc., Credit Suisse Securities (USA) Inc., RBC CapitalMarkets LLC and TD Securities (USA) LLC acted as joint book-running managers. BNYMellon Capital Markets LLC served as the senior co-manager. Lebenthal & Co.LLC, Mischler Financial Group Inc., Samuel A. Ramirez & Co. Inc. and The WilliamsCapital Group LP acted as co-managers.