Delmarva to sell $175 million add-on to 4.15% mortgage bonds due 2045

By Devika Patel

Knoxville, Tenn., Dec. 5 – Delmarva Power & Light Co. intends to price a $175 million add-on to its 4.15% first mortgage bonds (A2/A/A) due May 15, 2045, according to a 424B2 filing with the Securities and Exchange Commission.

The bonds have a make-whole call until Nov. 15, 2044 and are then callable at par.

BNP Paribas Securities Corp. and MUFG are the bookrunners. CIBC Capital Markets is a co-manager, and KeyBanc Capital Markets Inc. is a senior co-manager.

Proceeds will be used to repay maturing notes.

Delmarva originally issued $200 million of the bonds on May 11, 2015.

Delmarva is an electric and natural gas utility based in Wilmington, Del.

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