Summary
Exelon Corporation (EXC) filed an 8-K on November 16, 2015, to announce a significant update regarding its ongoing exchange offer for outstanding notes. The company extended the early tender date deadline for its offer to exchange its existing 3.950% notes due 2025, 4.950% notes due 2035, and 5.100% notes due 2045 for newly issued notes of the same maturities. Crucially, Exelon also announced that the minimum participation condition for each of the three series of notes has been met. This means that the exchange offer is proceeding, and holders who tender their notes by the new, extended deadline will be eligible to receive the full exchange consideration. The Expiration Date for the offer is now set for November 30, 2015, with settlement expected shortly thereafter.
Key Highlights
- 1Exelon Corporation extended the early tender deadline for its private exchange offer of outstanding notes.
- 2The exchange offer involves the company's 3.950% notes due 2025, 4.950% notes due 2035, and 5.100% notes due 2045.
- 3Holders who tender notes by the new early tender deadline (November 30, 2015) will receive the full exchange consideration.
- 4The minimum participation condition for all three series of notes included in the exchange offer has been satisfied.
- 5The extended Expiration Date for the exchange offer is November 30, 2015.
- 6Settlement for the exchange offer is anticipated to occur promptly after the Expiration Date.