Exelon Corp. on April 3 completed the remarketing of its 2.5% junior subordinated notes due 2024 into $1.15 billion of 3.497% junior subordinated notes due June 1, 2022.
The remarketing was conducted on behalf of holders of the equity and no proceeds from the issuance and sale were received by the company. The proceeds were used to purchase a portfolio of treasury securities maturing on or around May 31, according to a Form 8-K filed April 3.
Exelon expects a portion of the funds generated upon maturity of the portfolio will be used June 1 to settle the purchase contracts it entered as a part of the equity units.
Citigroup Global Markets Inc., Goldman Sachs & Co., Merrill Lynch Pierce Fenner & Smith Inc., Credit Agricole Securities (USA) Inc., Credit Suisse Securities (USA) LLC and PNC Capital Markets LLC acted as joint book-running remarketing agents. Loop Capital Markets LLC served as the sole senior co-managing remarketing agent and Lebenthal & Co. LLC and Mischler Financial Group Inc. acted as co-managing remarketing agents.