By Cristal Cody
Tupelo, Miss., March 7 – Exelon Generation Co., LLC sold $750 million of senior notes (Baa2/BBB/BBB) in two tranches on Tuesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The company brought a $250 million add-on to its 2.95% senior notes due Jan. 15, 2020 at 100.895 to yield 2.612% and a spread of Treasuries plus 100 basis points.
Exelon originally issued $750 million of the notes on Jan. 8, 2015. The total outstanding is $1 billion.
In the new issue, Exelon priced $500 million of 3.4% notes due March 15, 2022 at 99.785 to yield 3.447%, or Treasuries plus 140 bps.
Both tranches priced on the tight side of talk.
Barclays, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.
Proceeds will be used to repay all commercial paper obligations and for general corporate purposes.
Exelon is a utility services holding company based in Chicago.
| Issuer: | Exelon Generation Co., LLC
|
| Amount: | $750 million
|
| Description: | Senior notes
|
| Bookrunners: | Barclays, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC
|
| Senior co-manager: | KeyBanc Capital Markets Inc.
|
| Co-managers: | Academy Securities, Inc. and Huntington Investment Co.
|
| Trade date: | March 7
|
| Settlement date: | March 10
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| Add-on notes due 2020
|
| Amount: | $250 million reopening
|
| Maturity: | Jan. 15, 2020
|
| Coupon: | 2.95%
|
| Price: | 100.895
|
| Yield: | 2.612%
|
| Spread: | Treasuries plus 100 bps
|
| Price guidance: | Treasuries plus 105 bps area, plus or minus 5 bps
|
| Call feature: | Make-whole call before Dec. 15, 2019 at Treasuries plus 25 bps; thereafter at par
|
| Total outstanding: | $1 billion, including $750 million issued on Jan. 8, 2015
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | March 15, 2022
|
| Coupon: | 3.4%
|
| Price: | 99.785
|
| Yield: | 3.447%
|
| Spread: | Treasuries plus 140 bps
|
| Price guidance: | Treasuries plus 145 bps area, plus or minus 5 bps
|
| Call feature: | Make-whole call before Feb. 15, 2022 at Treasuries plus 25 bps; thereafter at par
|
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