Summary
Exelon Corporation (EXC) announced on April 1, 2020, the successful issuance and sale of $2 billion in aggregate principal amount of notes. This offering comprises $1.25 billion of 4.050% Notes due 2030 and $750 million of 4.700% Notes due 2050. These notes were issued under the Company's existing indenture, as amended by a Fourth Supplemental Indenture executed on the same date. The primary use of the net proceeds, along with existing cash, is to repay the Company's $900 million 2.850% Notes maturing on June 15, 2020. The remaining proceeds will be allocated to general corporate purposes. The issuance of these notes reflects Exelon's active management of its debt obligations and capital structure.
Key Highlights
- 1Exelon Corporation issued $2 billion in new debt notes on April 1, 2020.
- 2The issuance includes $1.25 billion in 4.050% Notes due 2030 and $750 million in 4.700% Notes due 2050.
- 3Proceeds will be used to repay $900 million of maturing 2.850% Notes due June 15, 2020.
- 4Remaining proceeds are designated for general corporate purposes.
- 5The notes were issued under the Company's existing indenture framework, with a Fourth Supplemental Indenture executed for this offering.
- 6Interest on the new notes will be paid semi-annually, starting October 15, 2020.
- 7The notes are subject to optional redemption as detailed in the supplemental indenture.