PECO Credit Agreements Extend Relationships With Minority and Community
PHILADELPHIA -- November 19, 2012
PECO and its parent company, Exelon Corporation, have entered into new credit
agreements with minority and community banks in the Philadelphia region and
other regions where Exelon operates. This arrangement in the financial
services arena is considered unique in utility industry efforts to expand
outreach to minority and women-owned businesses.
Locally, the United Bank of Philadelphia served as a lead arranger for the $34
million credit facility for PECO, with JP Morgan Chase serving as the
administrative agent, as part of an overall $123 million credit line for
Exelon and its companies.
In a challenging economic climate, Craig Adams, PECO president and CEO, said
these agreements provide PECO and Exelon with an additional source of credit
at competitive prices while offering minority and community banks an
opportunity to grow their relationships with Fortune 500 companies. Adams
added that these agreements are part of PECO’s and Exelon’s ongoing efforts to
engage minority-owned firms, demonstrate their commitment to diversity and
inclusion in all business relationships, and provide greater opportunity for
minority banks to participate in major transactions.
“This is the ninth consecutive year that United Bank of Philadelphia has
served as co-arranger for the Exelon credit agreements,” said Evelyn Smalls,
president and CEO of United Bank of Philadelphia. “This relationship directly
benefits community banks and their ability to serve their customers, many of
whom are small businesses. It also is a great example of how collaboration
between Fortune 500 companies and community banks can serve as catalysts for
economic growth in urban communities.”
“Supplier diversity is an important part of our diversity and inclusion
strategy,” said Adams. “Diversity and inclusion are about increasing
opportunities and ensuring broad access, not just in terms of how we hire, but
as a fundamental way of doing business every day.”
“We are pleased to facilitate a relationship between minority and community
banks and a large money center bank in order to accomplish an important
business objective,” said Phil Barnett, PECO senior vice president, chief
financial officer and treasurer. “This working partnership is unique, and
we’re proud to have played a role.”
Last year, PECO spent $60 million with minority and women-owned businesses.
With the addition of Constellation and BGE to the Exelon family of companies,
Exelon expects its corporate spending with certified minority- and women-owned
businesses to be approximately $700 million annually.
Based in Philadelphia, PECO is an electric and natural gas utility subsidiary
of Exelon Corporation (NYSE: EXC). PECO serves 1.6 million electric and
494,000 natural gas customers in southeastern Pennsylvania and employs about
2,400 people in the region. PECO delivered 82.1 billion cubic feet of natural
gas and 38.1 billion kilowatt-hours of electricity in 2011. Founded in 1881,
PECO is one of the Greater Philadelphia Region's most active corporate
citizens, providing leadership, volunteer and financial support to numerous
arts and culture, education, environmental, economic development and community
programs and organizations.
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