By Aleesia Forni
Virginia Beach, June 2 - Delmarva Power & Light Co. priced a $200 million add-on to its existing 3.5% first mortgage bonds (A2/A/A) due Nov. 15, 2023 with a spread of Treasuries plus 70 basis points, according to a market source and a FWP filed with the Securities and Exchange Commission.
Pricing was at 102.132 to yield 3.23%.
Morgan Stanley & Co. LLC, BofA Merrill Lynch, SunTrust Robinson Humphrey Inc. and Scotia Capital (USA) Inc. were the joint bookrunners.
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.
| Issuer: | Delmarva Power & Light Co.
|
| Amount: | $200 million
|
| Description: | Add-on to notes due Nov. 15, 2023
|
| Maturity: | Nov. 15, 2023
|
| Bookrunners: | Morgan Stanley & Co. LLC, BofA Merrill Lynch, SunTrust Robinson Humphrey Inc., Scotia Capital (USA) Inc.
|
| Co-manager: | Loop Capital Markets LLC
|
| Coupon: | 3.5%
|
| Price: | 102.132
|
| Yield: | 3.23%
|
| Spread: | Treasuries plus 70 bps
|
| Trade date: | June 2
|
| Settlement date: | June 9
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A
|
| Fitch: A
|
| Price talk: | Treasuries plus 80 bps area
|
| Make-whole call: | Treasuries plus 15 bps prior to Aug. 15, 2023, then callable at par
|
| Distribution: | SEC-registered
|
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