Summary
Exelon Corporation (EXC) has filed an 8-K report detailing the issuance and sale of $1.0 billion in aggregate principal amount of notes. This issuance includes $500 million of 5.125% Notes due 2031 and $500 million of 5.875% Notes due 2055. The net proceeds from this offering, along with existing cash, will be utilized to repay approximately $464 million of outstanding commercial paper borrowings. The remaining proceeds are allocated for general corporate purposes, indicating a strategic move to refinance existing debt and strengthen the company's balance sheet.
Key Highlights
- 1Exelon Corporation issued $1.0 billion in new debt comprised of $500 million in 5.125% Notes due 2031 and $500 million in 5.875% Notes due 2055.
- 2The company intends to use a portion of the net proceeds to repay $464 million of outstanding commercial paper.
- 3The weighted average interest rate of the commercial paper being repaid was approximately 4.537% as of February 11, 2025.
- 4The remaining proceeds from the note issuance are designated for general corporate purposes.
- 5The new notes will pay interest semi-annually on March 15 and September 15, with the first payment due September 15, 2025.
- 6The 2031 Notes mature on March 15, 2031, and the 2055 Notes mature on March 15, 2055.
- 7The filing includes references to various exhibits such as the Underwriting Agreement and Supplemental Indentures governing the notes.