PECO Announces $350 Million First Mortgage Bond Sale

PECO today announced that it has priced $350 million of First Mortgage Bonds, maturing on Sept. 15, 2022, with a coupon of 2.375 percent. PECO will use the net proceeds from the sale of the bonds to pay at maturity $225 million aggregate principal amount of its 4.75% first mortgage bonds due Oct. 1, 2012, and for other general corporate purposes. The sale is scheduled to close on Sept. 17. BNP Paribas Securities Corp., J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc. are leading the offering as active joint book-running managers. Mizuho Securities USA Inc. and CIBC World Markets Corp. are serving as passive joint book-running managers, PNC Capital Markets LLC is serving as senior co-manager, and Lebenthal & Co., LLC is serving as co-manager for the offering. PECO's offering demonstrates its continuing support for diversity and inclusion with the participation of Lebenthal & Co., LLC, a woman-owned firm. 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 BNP Paribas Securities Corp., 787 Seventh Avenue, New York, New York 10019, 1-800-854-5674; J.P. Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, 1-212-834-4533; U.S. Bancorp Investments, Inc., 214 N. Tryon St. 26th Floor, EX-NC-WSTC, Charlotte, North Carolina 28202, 1-877-558-2607. This announcement does not constitute an offer to sell, or the solicitation of an offer to buy, any of these securities.