Delmarva plans $200 million tap of 3.5% mortgage bonds due 2023

By Aleesia Forni

Virginia Beach, June 2 - Delmarva Power & Light Co. is planning to price a $200 million add-on to the company's existing 3.5% first mortgage bonds (A3/A/A) due Nov. 15, 2023, according to a 424B2 filed with the Securities and Exchange Commission.

Morgan Stanley & Co. LLC, BofA Merrill Lynch, SunTrust Robinson Humphrey Inc. and Scotia Capital (USA) Inc. are the joint bookrunners.

Loop Capital Markets LLC is the co-manager.

Proceeds will be used to repay outstanding commercial paper and for general corporate purposes.

Delmarva, an electric and natural gas utility based in Wilmington, Del., priced the original $300 million of 3.5% first mortgage bonds due with a spread of Treasuries plus 90 basis points on Nov. 7.

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