By Aleesia Forni
Virginia Beach, May 4 – Delmarva Power & Light Co. sold $200 million of 4.15% first mortgage bonds (A2/A/A) due May 15, 2045 on Monday at Treasuries plus 130 basis points, according to a market source and a 424B2 filed with the Securities and Exchange Commission.
Pricing was at 99.914 to yield 4.155%.
The notes sold in line with price talk.
BofA Merrill Lynch, J.P. Morgan Securities LLC and Scotia Capital (USA) Inc. were the joint bookrunners.
Proceeds will be used to repay debt, to repay outstanding commercial paper and for general corporate purposes.
Delmarva is an electric and natural gas utility based in Wilmington, Del.
| Issuer: | Delmarva Power & Light Co.
|
| Amount: | $200 million
|
| Description: | First mortgage bonds
|
| Maturity: | May 15, 2045
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, Scotia Capital (USA) Inc.
|
| Co-managers: | Loop Capital Markets LLC, Ramirez & Co. Inc.
|
| Coupon: | 4.15%
|
| Price: | 99.914
|
| Yield: | 4.155%
|
| Spread: | 130 bps
|
| Trade date: | May 4
|
| Settlement date: | May 11
|
| Make-whole call: | 20 bps prior to Nov. 15, 2044, then callable at par
|
| Ratings: | Moody’s: A2
|
| Standard & Poor’s: A
|
| Fitch: A
|
| Distribution: | SEC-registered
|
| Price guidance: | 130 bps area
|
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