By Andrea Heisinger
New York, Nov. 18 - Delmarva Power & Light Co. priced $250 million 6.4% five-year first-mortgage bonds Tuesday to yield Treasuries plus 420 basis points, according to market sources and an FWP filing with the Securities and Exchange Commission.
The bonds (Baa1/A-/A) priced at 99.795 to yield 6.448%. They have a make-whole call of Treasuries plus 50 bps.
Bookrunners were Banc of America Securities LLC., J.P. Morgan Securities Inc., KeyBanc Capital Markets, Morgan Stanley & Co. Inc. and Scotia Capital.
Proceeds will be used to repay debt under a primary credit facility and to repay outstanding commercial paper. The remainder will be temporarily invested in money market securities and used for general corporate purposes.
The electric company and subsidiary of Pepco Holdings, Inc. is based in Wilmington, Del.
| Issuer: | Delmarva Power & Light Co.
|
| Issue: | First-mortgage bonds
|
| Amount: | $250 million
|
| Maturity: | Dec. 1, 2013
|
| Bookrunners: | Banc of America Securities LLC, J.P. Morgan Securities Inc., KeyBanc Capital Markets, Morgan Stanley & Co. Inc., Scotia Capital
|
| Coupon: | 6.4%
|
| Price: | 99.795
|
| Yield: | 6.448%
|
| Spread: | Treasuries plus 420 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Nov. 18
|
| Settlement date: | Nov. 25
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: A-
|
| Fitch: A
|
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