Exelon and subsidiaries amend revolvers, extend maturities to 2018

By Marisa Wong

Madison, Wis., Aug. 14 - Exelon Corp. and subsidiary Commonwealth Edison Co. entered into amendments to their revolving credit facilities dated March 23, 2011 and March 28, 2012, respectively, with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The amendments, which took effect on Aug. 10, relate to the IRS' challenge to the position taken by Exelon on its 1999 federal income tax return with respect to the sale of ComEd's fossil generating assets in a like-kind exchange transaction.

The filing said that the amendments are intended to carve out the non-cash impact of the like-kind exchange from the calculation of the interest coverage ratio under each of Exelon and ComEd's credit facilities.

Concurrently, Exelon and subsidiaries Exelon Generation Co., LLC, PECO Energy Co. and Baltimore Gas and Electric Co. extended the maturity of their unsecured revolving credit facilities with aggregate bank commitments of $500 million, $5.3 billion, $600 million and $600 million, respectively, by one year to Aug. 10, 2018.

Exelon is a Chicago-based electric and gas utility.

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