PECO Announces $550 Million First Mortgage Bond Sale
PHILADELPHIA -- September 16, 2013
PECO today announced that it has priced $550 million of first mortgage bonds
in two series consisting of $300 million 1.20 percent first mortgage bonds due
Oct. 15, 2016, and $250 million, 4.80 percent first mortgage bonds due Oct.
15, 2043. PECO will use the net proceeds from the sale of the bonds to pay at
maturity $300 million aggregate principal amount of its 5.60 percent first
mortgage bonds due Oct. 15, 2013, and for other general corporate purposes.
The sale is scheduled to close on Sept. 23, 2013.
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Credit Suisse Securities
(USA) LLC and Wells Fargo Securities, LLC are leading the offering as active
joint book-running managers. Mizuho Securities USA Inc. and RBC Capital
Markets, LLC are serving as passive joint book-running managers, BNY Mellon
Capital Markets, LLC, and KeyBanc Capital Markets Inc. are serving as senior
co-managers, and Blaylock Robert Van, LLC and Muriel Siebert & Co., Inc. are
serving as co-managers for the offering.
An automatic shelf registration statement relating to the sale of the bonds
became effective upon filing with the Securities and Exchange Commission on
May 29, 2012. 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 Merrill
Lynch, Pierce, Fenner & Smith Incorporated at (800) 294-1322, Credit Suisse
Securities (USA) LLC at (800) 221-1037 and Wells Fargo Securities, LLC at
(800) 326-5897. This announcement does not constitute an offer to sell, or the
solicitation of an offer to buy, any of these securities.
Cautionary Statements Regarding Forward-Looking Information
This Press Release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that are
subject to risks and uncertainties. The factors that could cause actual
results to differ materially from the forward-looking statements made by PECO
include those discussed herein as well as the items discussed in (1) PECO’s
2012 Annual Report on Form 10-K in (a) ITEM 1A. Risk Factors, (b) ITEM 7.
Management’s Discussion and Analysis of Financial Condition and Results of
Operations and (c) ITEM 8. Financial Statements and Supplementary Data: Note
19; (2) PECO’s Second Quarter 2013 Quarterly Report on Form 10-Q in (a) Part
II, Other Information, ITEM 1A. Risk Factors; (b) Part 1, Financial
Information, ITEM 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations and (c) Part I, Financial Information,
ITEM 1. Financial Statements: Note 18 and (3) other factors discussed in
filings with the Securities and Exchange Commission by PECO. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which apply only as of the date of this Current Report. PECO undertakes no
obligation to publicly release any revision to its forward-looking statements
to reflect events or circumstances after the date of this Press Release.
Based in Philadelphia, PECO is an electric and natural gas utility subsidiary
of Exelon Corporation (NYSE: EXC). PECO serves 1.6 million electric and
497,000 natural gas customers in southeastern Pennsylvania and employs about
2,400 people in the region. PECO delivered 76.5 billion cubic feet of natural
gas and 37.5 billion kilowatt-hours of electricity in 2012. 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.
If you are a member of the media and would like to receive PECO news releases
via e-mail please send your e-mail address to
Exelon Investor Relations
Cathy Engel Menendez
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