Exelon greenshoe exercised, lifts equity unit sale to $1.15 billion

By Tali Rackner

Norfolk, Va., June 23 – Underwriters for Exelon Corp.’s equity units due June 1, 2017 exercised their over-allotment option in full, adding an additional $150 million, according to an 8-K filing with the Securities and Exchange Commission.

The company priced $1 billion of the units with a 6.5% distribution rate and a 25% initial conversion premium on June 12. The issue size is now $1.15 billion.

Bank of New York Mellon Trust Co., NA is the purchase contract agent, collateral agent, custodial agent and securities intermediary.

As previously reported, the deal sold via bookrunners Barclays, Goldman Sachs & Co., Citigroup Global Markets Inc. and Wells Fargo Securities LLC.

Proceeds will be used to finance a portion of the Pepco Holdings Inc. acquisition announced April 30 and for general corporate purposes.

Exelon is a Chicago-based electric and gas utility.

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