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Essential Energy Insights, April 2021

Oncor launches $1.12B exchange offer for senior notes

Oncor Electric Delivery Co. LLC on Dec. 12 filed a registration statement in connection with its offer to exchange about $1.12 billion of certain senior notes.

The Sempra Energy subsidiary plans to exchange $350 million of its registered 3.70% notes due Nov. 15, 2028, for all existing restricted 3.70% senior secured notes due 2028; $318.3 million of its registered 5.75% notes due March 15, 2029, for all existing restricted 5.75% notes due 2029; and $450 million of its registered 4.10% notes due Nov. 15, 2048, for all existing restricted 4.10% notes due 2048.

The company will not receive any proceeds from the exchange offer.

The Bank of New York Mellon Trust Co. NA is serving as the exchange agent for the offer.