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September 02, 2015 6:55 PM ET

Electric Utilities

Company Overview of Atlantic City Electric Company

Company Overview

Atlantic City Electric Company is engaged in the transmission, distribution, and supply of electricity to residential, commercial, and industrial customers in southern New Jersey. The company’s electric distribution service territory covers approximately 2,700 square miles serving a population of approximately 1.1 million in Gloucester, Camden, Burlington, Ocean, Atlantic, Cape May, Cumberland, and Salem counties. The company was incorporated in 1924 and is based in Newark, Delaware. Atlantic City Electric Company operates as a subsidiary of Conectiv, LLC.

500 North Wakefield Drive

2nd Floor

Newark, DE 19702

United States

Founded in 1924

545 Employees

Phone:

202-872-2000

Key Executives for Atlantic City Electric Company

Chief Executive Officer and President
Age: 55
Chief Financial Officer
Age: 57
Chairman, Chairman of the Board of Pepco Holdings Inc ,Chief Executive Officer of Pepco Holdings Inc and President of Pepco Holdings Inc
Age: 58
Chief Executive Officer Pepco Energy Services Inc and President of Pepco Energy Services Inc
Age: 55
Region President of Atlantic City Electric
Compensation as of Fiscal Year 2015.

Atlantic City Electric Company Key Developments

Pepco Holdings, Inc., Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company Enter into Third Amendment to Second Amended and Restated Credit Agreement

On May 1, 2015, Pepco Holdings, Inc., Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company entered into a Third Amendment to Second Amended and Restated Credit Agreement (the Amendment) among certain Lenders, Bank of America, N.A., as syndication agent and as an issuer of letters of credit, and Wells Fargo Bank, National Association, as (i) agent on behalf of the various financial institutions (the Lenders) from time to time party to that certain Second Amended and Restated Credit Agreement dated as of August 1, 2011, and as amended on August 2, 2012, extended on June 6, 2013 and amended on May 20, 2014 (the Credit Agreement), (ii) the swingline lender and (iii) as an issuer of letters of credit.

Atlantic City Electric Extends Labor Contract

Atlantic City Electric reached an agreement with the labor union that represent its bargaining unit employees to extend the current collective bargaining agreements by three years. The contract with IBEW Local 210, which represents employees in the Atlantic City Electric region, will now expire in 2018. IBEW Local 1238 represents employees who work in New Jersey at Carneys Point and handle calls of ACE customers. That collective bargaining agreement also has been extended and will now expire in 2020. Pepco Holdings Inc., on April 30 announced a merger with Chicago-based Exelon Corp. That transaction is expected to be completed by the second or third quarter of 2015. Exelon has committed to no net involuntary merger-related job losses of PHI utility employees for at least two years after the merger and to honor all collective bargaining agreements. Atlantic City Electric has also committed to hire a substantial number of bargaining unit employees after the merger is completed.

Pepco Holdings, Inc., Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company, Enter into an Amendment and Consent to Second Amended and Restated Credit Agreement

On May 20, 2014, Pepco Holdings, Inc., Potomac Electric Power Company (Pepco), Delmarva Power & Light Company (DPL), and Atlantic City Electric Company, entered into an Amendment and Consent to Second Amended and Restated Credit Agreement among certain Lenders, Bank of America, N.A., as syndication agent and as an issuer of letters of credit, and Wells Fargo Bank, National Association, as agent on behalf of the various financial institutions from time to time party to that certain Second Amended and Restated Credit Agreement dated as of August 1, 2011, and as amended on August 2, 2012 and extended on June 6, 2013, as the swingline lender and as an issuer of letters of credit. In the ordinary course of business, the Lenders and their respective affiliates have from time to time performed and may in the future perform various financial advisory, commercial banking, investment banking and treasury services for the Borrowers, for which they received, or will continue to receive, customary fees or compensation. In addition, affiliates of certain of the Lenders are paying agents under the Borrowers’ respective commercial paper programs.

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