Pepco investors tender $194.04 million in 6.125%, 7.45% senior notes

By Devika Patel

Knoxville, Tenn., July 20 - Pepco Holdings, Inc. said holders tendered $128,906,000 in 6.125% senior notes due 2017 and $65,135,000 in 7.45% senior notes due 2032 as part of the company's cash tender offer for up to $200 million of the $250 million in 6.125% notes as well as the $250 million in 7.45% notes.

The offer ended at 11:59 p.m. ET on July 19.

For each $1,000 of notes, Pepco paid $1,125 for the 6.125% notes and $1,200 for the 7.45% notes, plus interest. These amounts include early tender payments for notes tendered by the early deadline of 5 p.m. ET on July 1.

Holders of notes that were tendered after the early tender date received $1,095 per $1,000 of 6.125% notes and $1,170 per $1,000 of 7.45% notes, plus interest up to but excluding the settlement date.

Following this, there is $121.09 million in 6.125% notes and $184.87 million in 7.45% notes remaining outstanding.

The repurchases were funded using proceeds from the sale of the company's wholesale power generation business.

Pepco Holdings is a diversified energy company based in Washington, D.C.

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