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LabCorp prices $1.2 billion notes; ComEd sells $1 billion two-part first mortgage bonds
By Devika Patel
Knoxville, Tenn., Aug. 16 – Wednesday remained quiet for the primary market, with two deals pricing.
Burlington, N.C.-based diagnostic technologies developer Laboratory Corp. of America Holdings priced a two-part sale of fixed-rate notes on Tuesday after market close, and Chicago-based energy provider Commonwealth Edison Co. priced a $1 billion two-tranche issue of first mortgage bonds (A1/A-/A).
LabCorp sold a $600 million seven-year 3.25% tranche at Treasuries plus 120 basis points. These notes priced at 99.775 to yield 3.286%.
LabCorp also priced a $600 million 10-year 3.6% tranche at Treasuries plus 135 bps. These notes were priced at 99.849 to yield 3.618%.
BofA Merrill Lynch and Wells Fargo Securities LLC, Barclays, MUFG Securities Americas Inc. and TD Securities (USA) LLC were the bookrunning managers.
ComEd sold $350 million of 2.95% 10-year notes at 99.726 to yield 2.982% with a spread of 75 bps over Treasuries.
ComEd also priced $650 million of 3.75% 30-year notes at 95 bps over Treasuries. These notes were priced at 99.75 to yield 3.764%.
Mizuho Securities USA Inc., Scotia Capital (USA) Inc., U.S. Bancorp Investments Inc., Wells Fargo Securities, CIBC Capital Markets and SMBC Nikko Securities America, Inc. are the bookrunners. KeyBanc Capital Markets Inc., Loop Capital Markets LLC and Williams Capital Group LP are the senior co-managers.
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