Atlantic City Electric to repay 2.41% short-term debt via new notes

By Susanna Moon

Chicago, Oct. 9 – Atlantic City Electric Co. plans to repay short-term borrowings using any remaining proceeds of $350 million first mortgage bonds due Oct. 15, 2028 after refinancing its upcoming issue, according to a 424B2 filing with the Securities and Exchange Commission.

Proceeds from the bond sale will be used to refinance at maturity the company’s $250 million principal amount of 7.75% first mortgage bonds due Nov. 15, 2018 as well as for general corporate purposes.

The short-term debt has weighted average interest rate of 2.41% as of Oct. 5.

The electric company is based in Newark, Del.

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