Exelon gets tenders for $941.91 million 6.75%, 6.95% notes in offer

By Jennifer Chiou

New York, Sept. 23 - Exelon Corp. announced the completion of a cash tender offer for any and all of its $500 million of 6.75% senior notes due May 1, 2011 while, simultaneously, Exelon Generation Co. LLC also wrapped its cash tender offer for any and all of its $699,975,000 of 6.95% notes due June 15, 2011.

The Chicago-based electric company said that the offers ended at midnight ET on Sept. 22.

Exelon said it obtained tenders from holders of $386,572,000 of the 6.75% notes while Exelon Generation said it received tenders from holders of $555,335,000 of the 6.95% notes.

For each $1,000 principal amount, the payout is $1,091.06 for the 6.75% notes and $1,100.57 for the 6.95% notes.

The payouts were determined using a fixed spread of 25 basis points over the yield to maturity of the:

• Bid-side price of the 0.875% Treasury due April 30, 2011 for the 6.75% notes; and

• Bid-side price of the 0.875% Treasury due May 31, 2011 for the 6.95% notes.

The company noted that it also was to pay accrued interest.

Settlement was expected for Wednesday.

Barclays Capital Inc. (800 438-3242 or call collect 212 528-7581) and Morgan Stanley & Co. Inc. (800 624-1808 or call collect 212 761-5384) were the dealer managers. D. F. King & Co., Inc. was the information agent (800 859-8508 or call collect 212 269-5550).

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