By Andrea Heisinger
New York, Sept. 27 - Exelon Generation Co. LLC priced $900 million of senior unsecured notes (A3/BBB/BBB+) in two tranches on Monday, an informed source said.
A $550 million tranche of 4% 10-year notes priced at 99.894 to yield 4.013% with a spread of 150 basis points over Treasuries.
Price talk was in the 155 bps area, with the notes pricing at the tight end of that level. Initial guidance was whispered in the mid-100 bps area, the source said.
A $350 million tranche of 5.75% notes due October 2041 priced at 99.598 to yield 5.778% with a spread of Treasuries plus 208 bps.
The notes were talked in the area of 212.5 bps and also priced at the tight end of guidance. Initial talk was in the low-200 bps area.
Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. and RBS Securities Inc. were the bookrunners.
Lead managers were BNP Paribas Securities Corp., Mizuho Securities USA Inc., Wells Fargo Securities LLC and Williams Capital Group LP.
Co-manager was Lebenthal & Co. LLC.
Proceeds are being used to fund a portion of the purchase price of an acquisition of membership interests of John Deere Renewables LLC from Deere & Co., for fees and costs associated with the acquisition, and for general corporate purposes.
The deal carries a mandatory redemption at 101% if the acquisition is not consummated on or before March 31, 2011.
The electric generation subsidiary of Exelon Corp. is based in Kennett Square, Pa.
| Issuer: | Exelon Generation Co., LLC
|
| Issue: | Senior unsecured notes
|
| Amount: | $900 million
|
| Bookrunners: | Barclays Capital Inc., Citigroup Global Markets Inc., Goldman Sachs & Co., RBS Securities Inc.
|
| Lead managers: | BNP Paribas Securities Corp., Mizuho Securities USA Inc., Wells Fargo Securities LLC, Williams Capital Group LP
|
| Co-manager: | Lebenthal & Co. LLC
|
| Change-of-control put: | 101% if acquisition is not consummated on or before March 31, 2011
|
| Trade date: | Sept. 27
|
| Settlement date: | Sept. 30
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
|
|
| 10-year notes
|
| Amount: | $550 million
|
| Maturity: | Oct. 1, 2020
|
| Coupon: | 4%
|
| Price: | 99.894
|
| Yield: | 4.013%
|
| Spread: | Treasuries plus 150 bps
|
| Price talk: | 155 bps area (official), mid-100 bps (whispered)
|
|
|
| Notes due 2041
|
| Amount: | $350 million
|
| Maturity: | Oct. 1, 2041
|
| Coupon: | 5.75%
|
| Price: | 99.598
|
| Yield: | 5.778%
|
| Spread: | Treasuries plus 208 bps
|
| Price talk: | 212.5 bps area (official), low 200 bps (whispered)
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
