By Devika Patel and Cristal Cody
Knoxville, Tenn., June 8 – Baltimore Gas and Electric Co. priced $600 million of 2.25% 10-year senior notes (A3/A/A) on Monday with a spread of Treasuries plus 70 basis points, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.822 to yield 2.27%.
Initial price talk was in the Treasuries plus 95 bps area.
Barclays, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the active bookrunners, with Morgan Stanley & Co. LLC also participating as a passive bookrunner.
Proceeds will be used to repay some commercial paper, to redeem $300 million of the company’s 3.5% notes due Nov. 15, 2021 and for general corporate purposes.
Baltimore-based Baltimore Gas and Electric is a subsidiary of Exelon Corp.
| Issuer: | Baltimore Gas and Electric Co.
|
| Amount: | $600 million
|
| Description: | Senior notes
|
| Maturity: | June 15, 2031
|
| Bookrunners: | Barclays, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC (active), Morgan Stanley & Co. LLC (passive)
|
| Senior co-managers: | Loop Capital Markets LLC and Santander Investment Securities Inc.
|
| Co-managers: | AmeriVet Securities, Inc., CastleOak Securities LP and Siebert Williams Shank & Co. LLC
|
| Coupon: | 2.25%
|
| Price: | 99.822
|
| Yield: | 2.27%
|
| Spread: | Treasuries plus 70 bps
|
| Call: | Make-whole call at Treasuries plus 15 bps until March 15, 2031, then a par call
|
| Trade date: | June 7
|
| Settlement date: | June 10
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 95 bps area
|
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