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Exelon remarkets $1.15B in debt underlying equity units

Exelon Corp. on March 30 said it has remarketed its 2.5% junior subordinated notes due 2024 into $1.15 billion of 3.497% junior subordinated notes due June 1, 2022.

The 3.497% notes have a spread to benchmark Treasury of 150 basis points. The transaction is expected to settle April 3. The notes were expected to be rated Baa3 by Moody's and BBB- by both S&P Global Ratings and Fitch Ratings, according to a free writing prospectus filed March 29.

Exelon said it 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 around May 31.

The company expects that 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 comanaging remarketing agent and Lebenthal & Co. LLC and Mischler Financial Group Inc. acted as comanaging remarketing agents.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.