PECO today announced that it has priced $350 million of first and
refunding mortgage bonds with an interest rate of 3.150 percent due Oct.
15, 2025. The net proceeds from the sale of the bonds will be used for
general corporate purposes. The offering is scheduled to close on Oct.
Credit Suisse Securities (USA) LLC, Mitsubishi UFJ Securities (USA),
Inc., and Scotia Capital (USA) Inc. are leading the offering as active
joint book-running managers. Morgan Stanley & Co. LLC and Mizuho
Securities USA Inc. are serving as passive joint book-running managers.
PNC Capital Markets LLC is serving as senior co-manager for the
offering, and Drexel Hamilton, LLC and The Williams Capital Group, L.P.
are serving as co-managers for the offering.
An automatic shelf registration statement relating to the sale of the
bonds became effective upon filing with the Securities and Exchange
Commission on May 23, 2014. The offering is being made by means of a
prospectus supplement and an accompanying prospectus. Copies of the
prospectus supplement and accompanying prospectus relating to the
offering may be obtained by calling Credit Suisse Securities (USA) LLC
at 1-800-221-1037, Mitsubishi UFJ Securities (USA), Inc. at 1-877-
649-6848, and Scotia Capital (USA) Inc. at 1-800-372-3930. This
announcement does not constitute an offer to sell, or the solicitation
of an offer to buy, any of these securities.
Cautionary Statements Regarding Forward-Looking Information
This Press Release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995 that
are subject to risks and uncertainties. The factors that could cause
actual results to differ materially from the forward-looking statements
made by PECO include those discussed herein as well as the items
discussed in (1) PECO’s 2014 Annual Report on Form 10-K in (a) ITEM 1A.
Risk Factors, (b) ITEM 7. Management’s Discussion and Analysis of
Financial Condition and Results of Operations and (c) ITEM 8. Financial
Statements and Supplementary Data: Note 22; (2) PECO’s Second Quarter
2015 Quarterly Report on Form 10-Q in (a) Part II, Other Information,
ITEM 1A. Risk Factors; (b) Part 1, Financial Information, ITEM 2.
Management’s Discussion and Analysis of Financial Condition and Results
of Operation and (c) Part I, Financial Information, ITEM 1. Financial
Statements: Note 19; and (3) other factors discussed in filings with the
Securities and Exchange Commission by PECO. Readers are cautioned not to
place undue reliance on these forward-looking statements, which apply
only as of the date of this Press Release. PECO undertakes no obligation
to publicly release any revision to its forward-looking statements to
reflect events or circumstances after the date of this Press Release.
Based in Philadelphia, PECO is an electric and natural gas utility
subsidiary of Exelon Corporation (NYSE: EXC). PECO serves 1.6
million electric and more than 506,000 natural gas customers in
southeastern Pennsylvania and employs about 2,400 people in the region.
PECO delivered 89.9 billion cubic feet of natural gas and 37.5
billion kilowatt-hours of electricity in 2014. Founded in 1881,
PECO is one of the Greater Philadelphia Region's most active corporate
citizens, providing leadership, volunteer and financial support to
numerous arts and culture, education, environmental, economic
development and community programs and organizations.
If you are a member of the media and would like to receive PECO news
releases via e-mail please send your e-mail address to PECO.Communication@exeloncorp.com
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Copyright Business Wire 2015
Source: Business Wire
(September 28, 2015 - 4:14 PM EDT)
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