CHICAGO, March 19 /PRNewswire/ -- Commonwealth Edison Company (ComEd) announced today it has agreed to sell $700 million of first mortgage bonds maturing on March 15, 2018, with a coupon of 5.80 percent.
The offering is being led by Banc of America Securities LLC, Barclays Capital Inc., and Greenwich Capital Markets, Inc. as joint book-runners. The co-managers for the deal are BNP Paribas Securities Corp., J.P. Morgan Securities Inc., Scotia Capital (USA) Inc., SunTrust Robinson Humphrey, Inc., Loop Capital Markets, LLC, and SBK-Brooks Investment Corp. The sale is scheduled to close on March 27, 2008.
ComEd will use the net proceeds from the sale of the bonds to repay borrowings that it made under its revolving credit agreement, refinance maturing first mortgage bonds, 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 Any ratings can be revised upward or downward or withdrawn at any time by a rating agency if it decides the circumstances warrant that change.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 Banc of America Securities LLC, 100 West 33rd Street, 3rd floor, New York, NY 10001, Attention: Prospectus Department, (800) 294-1322, Barclays Capital Inc., 200 Park Avenue, New York, NY 10166, (888) 227-2275 extension 2663, or Greenwich Capital Markets, Inc., 600 Steamboat Road, Greenwich, Connecticut 06830, (866) 884-2071. 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.
