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ComEd Announces $600 Million Bond Sale

Net proceeds from the bond sale will be used as interim source of liquidity for 2011 pension contribution.



Chicago - ComEd recently announced it sold $600 million of First Mortgage Bonds, maturing on Jan.15, 2014 with a coupon of 1.625 percent. 

Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. Incorporated, Loop Capital Markets LLC, Mizuho Securities (USA) Inc., and Scotia Capital (USA) Inc., led the offering as joint book-running managers. The senior co-manager for the deal was RBC Capital Markets, LLC.  The sale is scheduled to close on January 18th.  

ComEd's offering demonstrates its continuing support for diversity and inclusion. The deal included minority-owned firm Loop Capital Markets, which was mandated as a joint book-running manager.

ComEd will use the net proceeds from the sale of the bonds as an interim source of liquidity for a planned January 2011 contribution to Exelon-sponsored pension plans in which ComEd participates. ComEd anticipates receiving tax refunds as a result of both the pension contribution and recent federal tax legislation allowing for accelerated depreciation deductions in 2011 and 2012. As a result, the immediate and direct use of the net proceeds to fund the planned contribution will allow those future cash receipts to be available to ComEd to fund capital investment and for general corporate purposes.

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 Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010, 1-800-221-1037, J.P. Morgan Securities LLC, Attention: High Grade Syndicate Desk, 383 Madison Avenue, New York, NY 10179, 1-212-834-4533, Morgan Stanley & Co. Incorporated, Attention: Investment Banking Division, 1585 Broadway, 29th Floor, New York, NY 10036, 1-212-761-6691, Loop Capital Markets LLC, 200 West Jackson Boulevard, Suite 1600, Chicago, IL 60606, Attention: Corporate Finance, 1-888-294-8898, Mizuho Securities (USA) Inc., Attention: Debt Capital Markets, 1251 Avenue of the Americas, 33rd Floor, New York, NY 10020, 1-866-271-7403, or Scotia Capital (USA) Inc., 1 Liberty Plaza, 25th Floor, 165 Broadway, New York, NY 10006, Attention: Debt Capital Markets, 1-800-372-3930. 

This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities.