Commonwealth Edison to refinance $536 million of bonds with $600 million bond offer proceeds

By Toni Weeks

San Diego, Aug. 30 - Commonwealth Edison Co. intends to refinance $536 million of bonds with the proceeds of its planned $600 million offering of series 111 first-mortgage bonds due 2016 and series 112 first-mortgage bonds due 2021, according to a 424B2 filing with the Securities and Exchange Commission.

The bonds to be refinanced include the following:

• $191 million principal amount of three series of variable-rate tax-exempt bonds, consisting of $50 million of bonds due March 1, 2020, $49.8 million of bonds due May 1, 2021 and $91 million of bonds due March 1, 2017. Each series of bonds bears interest as of Aug. 24 at 0.18%, 0.22% and 0.18%, respectively, excluding remarketing and letter of credit fees totaling 2.18% for each series; and

• $345 million of 5.4% series 105 first-mortgage bonds due Dec. 15, 2011.

Remaining proceeds will be used for general corporate purposes.

Chicago-based Commonwealth Edison, a subsidiary of Exelon Corp., is a provider of electricity to residential, commercial and industrial customers in northern Illinois.

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