By Andrea Heisinger
New York, June 13 - Exelon Generation Co. LLC sold $775 million of notes (Baa1/BBB/BBB+) in two maturities on Wednesday, a source who worked on the trade said.
The $275 million of 4.25% 10-year notes priced at 99.976 to yield 4.253% with a spread of Treasuries plus 265 basis points. There is a make-whole call at 40 bps over Treasuries.
A $500 million tranche of 5.6% 30-year bonds sold at 99.813 to yield 5.613% with a spread of 290 bps over Treasuries. The bonds have a make-whole call at 45 bps over Treasuries.
Barclays Capital Inc., RBS Securities Inc., Scotia Capital (USA) Inc. and UBS Securities LLC were the bookrunners.
The deal was done under Rule 144A and Regulation S.
Exelon Generation was last in the market with a $900 million sale of notes due in 2020 and 2041 on Sept. 27, 2010. The 4% 10-year notes from that sale were priced at 150 bps over Treasuries while a 5.75% bond due 2041 priced at 208 bps over Treasuries.
The energy producer is a subsidiary of Chicago-based Exelon Corp.
| Issuer: | Exelon Generation Co. LLC
|
| Issue: | Senior notes
|
| Amount: | $775 million
|
| Bookrunners: | Barclays Capital Inc., RBS Securities Inc., Scotia Capital (USA) Inc., UBS Securities LLC
|
| Distribution: | Rule 144A, Regulation S
|
| Trade date: | June 13
|
| Settlement date: | June 18
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
| Fitch: BBB+
|
|
|
| 10-year notes
|
| Amount: | $275 million
|
| Maturity: | June 15, 2022
|
| Coupon: | 4.25%
|
| Price: | 99.976
|
| Yield: | 4.253%
|
| Spread: | Treasuries plus 265 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
|
|
| 30-year bonds
|
| Amount: | $500 million
|
| Maturity: | June 15, 2042
|
| Coupon: | 5.6%
|
| Price: | 99.813
|
| Yield: | 5.613%
|
| Spread: | Treasuries plus 290 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
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