CHICAGO, Jan. 9 /PRNewswire/ -- Commonwealth Edison Company (ComEd) announced today it has agreed to sell $450 million of First Mortgage Bonds maturing on Jan. 15, 2038, with a coupon of 6.45 percent.
The offering is being led by Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and UBS Securities LLC as joint book-runners. The co-managers for the deal are BNP Paribas Securities Corp., Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc., Wedbush Morgan Securities Inc., Jackson Securities LLC, and Muriel Siebert & Co., Inc. The sale is scheduled to close on Jan. 16, 2008.
ComEd will use the net proceeds from the sale of the bonds to refinance maturing First Mortgage Bonds, refinance trust preferred securities and for general corporate purposes.
The bonds are expected to be rated "Baa2" by Moody's Investors Service, "BBB" by Standard & Poor's Rating Service and "BBB" by Fitch Ratings. A rating reflects only the views of a rating agency and is not a recommendation to buy, sell or hold the bonds. Any ratings can be revised upward or downward or withdrawn at any time by a rating agency if it decides the circumstances warrant that change. Each rating should be evaluated independently of any other rating.
A registration statement relating to the bonds has been declared effective by the Securities and Exchange Commission. The offering is being made by means of a prospectus supplement and an accompanying prospectus. Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from Deutsche Bank Securities Inc., 60 Wall Street, New York, NY 10005, (800) 503-4611, Merrill Lynch, Pierce, Fenner & Smith Inc., 4 World Financial Center, New York, NY 10080, (866) 500-5408, or UBS Securities LLC, 677 Washington Boulevard, Stamford, Connecticut 06901, (888) 722-9555, extension 377-1088. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities.
Commonwealth Edison Company (ComEd) is a unit of Chicago-based Exelon Corporation , one of the nation's largest electric utilities with approximately 5.4 million customers. ComEd provides service to approximately 3.8 million customers across Northern Illinois, or 70 percent of the state's population.
