By Andrea Heisinger
New York, Sept. 16 - Exelon Generation Co. LLC priced an upsized $1.5 billion of senior notes (A3/BBB/BBB+) in two tranches Wednesday, according to a source away from the sale and an FWP filing with the Securities and Exchange Commission.
The size was initially $1.2 billion, the source said.
The $600 million of 5.2% 10-year notes priced at 99.805 to yield 5.225%, or Treasuries plus 175 basis points.
A $900 million tranche of 6.25% 30-year notes priced at 99.863 to yield 6.26%, or Treasuries plus 200 bps.
Both tranches have a make-whole call at Treasuries plus 30 bps.
The notes were each sold in line with guidance in the 175 bps area for the 10-year notes and the 200 bps area for the 30-year notes, a source close to the sale said.
Bookrunners for the 10-year notes were Barclays Capital Inc., J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc. and Credit Suisse Securities. Co-managers were Goldman Sachs & Co., UBS Investment Bank, Loop Capital Markets LLC and Williams Capital Group LP.
Bookrunners for the 30-year notes were Barclays, JPMorgan, Morgan Stanley, Goldman Sachs and UBS. Co-managers were Credit Suisse, Loop Capital and Williams Capital.
Proceeds will be used to finance the purchase of 6.95% notes due 2011 and for general corporate purposes, including the distribution to parent company Exelon Corp. to fund a portion of the purchase of 6.75% notes due 2011 that have been tendered.
The electric subsidiary of Exelon is based in Kennett Square, Pa.
| Issuer: | Exelon Generation Co. LLC
|
| Issue: | Senior notes
|
| Total amount: | $1.5 billion, increased from $1.2 billion
|
| Trade date: | Sept. 16
|
| Settlement date: | Sept. 23
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
|
|
| 10-year notes
|
| Amount: | $600 million
|
| Maturity: | Oct. 1, 2019
|
| Bookrunners: | Barclays Capital Inc., J.P. Morgan Securities Inc., Morgan Stanley & Co. Inc., Credit Suisse Securities
|
| Co-managers: | Goldman Sachs & Co., UBS Investment Bank, Loop Capital Markets LLC, Williams Capital Group LP
|
| Coupon: | 5.2%
|
| Price: | 99.805
|
| Yield: | 5.225%
|
| Spread: | Treasuries plus 175 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Price talk: | 175 bps area
|
|
|
| 30-year notes
|
| Amount: | $900 million
|
| Maturity: | Oct. 1, 2039
|
| Bookrunners: | Barclays Capital, JPMorgan, Morgan Stanley, Goldman Sachs, UBS Investment Bank
|
| Co-managers: | Credit Suisse Securities, Loop Capital Markets, Williams Capital
|
| Coupon: | 6.25%
|
| Price: | 99.863
|
| Yield: | 6.26%
|
| Spread: | Treasuries plus 200 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Price talk: | 200 bps area
|
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