Delmarva planning $300 million sale of 10-year first mortgage bonds

By Aleesia Forni

Virginia Beach, Nov. 7 - Delmarva Power & Light Co. is prepping a $300 million sale of first mortgage bonds due Nov. 15, 2023, according to a 424B2 filing with the Securities and Exchange Commission

Citigroup Global Markets Inc., RBS Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners.

BNY Mellon Capital Markets LLC and PNC Capital Markets LLC are the co-managers.

Proceeds will be used to repay $250 million of the company's 6.4% first mortgage bonds due Dec. 1, 2013. Remaining proceeds will be used for general corporate purposes.

Delmarva, an electric and natural gas utility based in Wilmington, Del., was last in the market with a $250 million sale of 30-year mortgage bonds on June 19, 2012.

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