Atlantic City Electric enters into $100 million term loan due 2014

By Marisa Wong

Madison, Wis., May 10 - Atlantic City Electric Co. entered into a $100 million term loan agreement on Friday with KeyBank NA as administrative agent and SunTrust Bank as documentation agent, according to an 8-K filing with the Securities and Exchange Commission.

The company borrowed the full amount at closing. The loan must be repaid in full on or before Nov. 10, 2014.

Interest is equal to Libor plus 75 basis points. The initial rate is 0.95%.

The Newark, Del.-based power company intends to use loan proceeds to repay some short-term obligations and for general corporate purposes.

Atlantic City Electric is a wholly owned indirect subsidiary of Pepco Holdings, Inc.

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