Exelon plans to price fixed-rate notes in three tranches

By Marisa Wong

Los Angeles, Feb. 16 – Exelon Corp. plans to price fixed-rate notes in three parts, according to a 424B5 filing with the Securities and Exchange Commission.

The notes will feature a make-whole call followed by a par call.

Barclays, Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC are the joint bookrunners.

Loop Capital Markets LLC, Siebert Williams Shank & Co., LLC and Huntington Securities, Inc. are the senior co-managers.

Bank of New York Mellon Trust Co., NA is the trustee.

Ballard Spahr LLP will act as counsel for the issuer. Winston & Strawn LLP will be counsel for the underwriters.

A portion of proceeds from the notes, together with available cash balances, will be used to repay $850 million of Exelon’s outstanding term loans maturing in July 2023 and bearing interest at SOFR plus 65 basis points and $588 million of currently outstanding commercial paper borrowings having an approximate weighted average interest rate of 4.835% as of Feb. 13. The remainder of proceeds will be used for general corporate purposes.

Exelon is a utility services holding company based in Chicago.

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