By Aleesia Forni
Virginia Beach, Aug. 18 – Atlantic City Electric Co. sold a $150 million issue of 3.375% first mortgage bonds (A3/A/A-) due Sept. 1, 2024 with a spread of Treasuries plus 100 basis points, according to a market source and a FWP filed with the Securities and Exchange Commission.
Pricing was at 99.957 to yield 3.38%.
Barclays, BNY Mellon Capital Markets LLC, KeyBanc Capital Markets and Credit Suisse Securities (USA) LLC were the bookrunners.
Proceeds will be used to repay the company’s 7.63% notes due Aug. 29, 2014, to repay outstanding commercial paper and for general corporate purposes.
The electric company is based in Newark, Del.
| Issuer: | American City Electric Co.
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| Amount: | $150 million
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| Description: | First mortgage bonds
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| Maturity: | Sept. 1, 2024
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| Bookrunners: | Barclays, BNY Mellon Capital Markets LLC, KeyBanc Capital Markets, Credit Suisse Securities (USA) LLC
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| Co-manager: | Williams Capital Group LP
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| Coupon: | 3.375%
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| Price: | 99.957
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| Yield: | 3.38%
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| Spread: | Treasuries plus 100 bps
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| Trade date: | Aug. 18
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| Settlement date: | Aug. 25
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| Ratings: | Moody’s: A3
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| Standard & Poor's: A
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| Fitch: A-
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| Price talk: | Treasuries plus low-100 bps area
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| Make-whole call: | Treasuries plus 15 bps prior to June 1, 2024, then callable at par
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