By Marisa Wong
Los Angeles, June 1 – Baltimore Gas and Electric Co. priced $500 million of 4.55% 30-year notes (A3/A/A) on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.822 to yield 4.561%, or a spread of 145 basis points over Treasuries.
The notes feature a make-whole call until Dec. 1, 2051 and then a par call.
BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, PNC Capital Markets LLC, Wells Fargo Securities LLC, SMBC Nikko Securities America Inc. and U.S. Bancorp Investments Inc. are the bookrunners.
Proceeds will be used to repay commercial paper, to redeem $250 million outstanding 2.8% notes due Aug. 15, 2022 and for general corporate purposes.
Baltimore-based Baltimore Gas and Electric is a subsidiary of Exelon Corp.
| Issuer: | Baltimore Gas and Electric Co.
|
| Amount: | $500 million
|
| Issue: | Notes
|
| Maturity: | June 1, 2052
|
| Bookrunners: | BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, PNC Capital Markets LLC, Wells Fargo Securities LLC, SMBC Nikko Securities America Inc. and U.S. Bancorp Investments Inc.
|
| Senior co-managers: | BNY Mellon Capital Markets, LLC and Loop Capital Markets LLC
|
| Co-managers: | Apto Partners, LLC, Multi-Bank Securities, Inc. and Telsey Advisory Group LLC
|
| Trustee: | U.S. Bank Trust Co. NA
|
| Counsel to issuer: | McKennon Shelton & Henn LLP
|
| Counsel to underwriters: | Winston & Strawn LLP
|
| Coupon: | 4.55%
|
| Price: | 99.822
|
| Yield: | 4.561%
|
| Spread: | Treasuries plus 145 bps
|
| Call options: | Make-whole call at Treasuries plus 25 bps until Dec. 1, 2051 and then par call
|
| Pricing date: | June 1
|
| Settlement date: | June 6
|
| Ratings: | Moody’s: A3
|
| S&P: A
|
| Fitch: A
|
| Distribution: | SEC registered
|
| Cusip: | 059165EP1
|
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