Summary
This 8-K filing from Exelon Corporation, dated July 12, 2012, announces the expiration of its subsidiary Exelon Generation Company, LLC's ("Generation") private exchange offers for its 7.60% Senior Notes due 2032. These "Old Notes" were originally issued by Exelon Corporation and assumed from Constellation Energy Group, Inc. Investors participated in offers to exchange these Old Notes for Generation's newly issued 4.25% Senior Notes due 2022 and 5.60% Senior Notes due 2042, along with cash payments. The filing details the aggregate principal amounts of Old Notes validly tendered and not withdrawn for both the 2022 and 2042 exchange offers as of the expiration date of July 11, 2012. This transaction represents a move by the company to refinance its debt, likely aiming to lower interest expenses and extend debt maturities.
Key Highlights
- 1Exelon Generation Company, LLC successfully concluded its private exchange offers for its 7.60% Senior Notes due 2032.
- 2The exchange offers allowed holders to swap existing notes for Generation's new 4.25% Senior Notes due 2022 and 5.60% Senior Notes due 2042.
- 3Approximately $204.16 million in Old Notes were tendered for exchange into the New 2022 Notes.
- 4Approximately $237.94 million in Old Notes were tendered for exchange into the New 2042 Notes.
- 5The exchange offered was made to eligible holders, including Qualified Institutional Buyers and non-U.S. persons, under Rule 144A and Regulation S, respectively.
- 6Settlement for notes tendered after the early participation date but before the expiration date is expected on July 13, 2012.
- 7The filing includes a press release announcing the expiration of the exchange offer as an exhibit.