By Cristal Cody
Eureka Springs, Ark., Dec. 5 – Delmarva Power & Light Co. priced a $175 million add-on to its 4.15% first mortgage bonds (A2/A/A) due May 15, 2045 on Monday at 100.443 to yield 4.123%, according to an FWP filing with the Securities and Exchange Commission.
The bonds were sold with a spread of 105 basis points over Treasuries.
BNP Paribas Securities Corp., MUFG and CIBC World Markets Corp. were the bookrunners.
Proceeds will be used to repay maturing notes.
Delmarva originally issued $200 million of the bonds on May 11, 2015. The total outstanding is $375 million.
Delmarva is an electric and natural gas utility based in Wilmington, Del.
| Issuer: | Delmarva Power & Light Co.
|
| Amount: | $175 million reopening
|
| Description: | First mortgage bonds
|
| Maturity: | May 15, 2045
|
| Bookrunners: | BNP Paribas Securities Corp., MUFG, CIBC World Markets Corp.
|
| Senior co-manager: | KeyBanc Capital Markets Inc.
|
| Co-manager: | CastleOak Securities, LP
|
| Coupon: | 4.15%
|
| Price: | 100.443
|
| Yield: | 4.123%
|
| Spread: | Treasuries plus 105 bps
|
| Call features: | Before Nov. 15, 2044 at greater of par or Treasuries plus 20 bps; thereafter at par
|
| Trade date: | Dec. 5
|
| Settlement date: | Dec. 12
|
| Ratings: | Moody’s: A2
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Total outstanding: | $375 million, including $200 million issued on May 11, 2015
|
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