0001206774-21-002010.txt : 20210805 0001206774-21-002010.hdr.sgml : 20210805 20210805172102 ACCESSION NUMBER: 0001206774-21-002010 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20210805 DATE AS OF CHANGE: 20210805 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: COMMONWEALTH EDISON Co CENTRAL INDEX KEY: 0000022606 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 360938600 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-233543-02 FILM NUMBER: 211149576 BUSINESS ADDRESS: STREET 1: 440 S LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60605-1028 BUSINESS PHONE: 3123944321 MAIL ADDRESS: STREET 1: 440 S LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60605-1028 FORMER COMPANY: FORMER CONFORMED NAME: COMMONWEALTH EDISON CO DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: COMMONWEALTH EDISON Co CENTRAL INDEX KEY: 0000022606 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 360938600 STATE OF INCORPORATION: IL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 440 S LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60605-1028 BUSINESS PHONE: 3123944321 MAIL ADDRESS: STREET 1: 440 S LASALLE STREET CITY: CHICAGO STATE: IL ZIP: 60605-1028 FORMER COMPANY: FORMER CONFORMED NAME: COMMONWEALTH EDISON CO DATE OF NAME CHANGE: 19920703 FWP 1 exc3939901-fwp.htm FILING UNDER SECURITIES ACT RULES 163/433 OF FREE WRITING PROSPECTUSES

Filed Pursuant to Rule 433
Registration Statement No. 333-233543-02
August 5, 2021

Commonwealth Edison Company

First Mortgage 2.750% Bonds, Series 131, due 2051

Pricing Term Sheet

Issuer:         Commonwealth Edison Company
Ratings*: A1 (Moody’s); A (S&P); A (Fitch)
Securities: First Mortgage 2.750% Bonds, Series 131, due 2051
Trade Date: August 5, 2021
Settlement Date**: August 12, 2021 (T+5)
Principal Amount: $450,000,000
Maturity Date: September 1, 2051
Coupon: 2.750%
Benchmark Treasury: 1.875% due February 15, 2051
Benchmark Treasury Price / Yield: 99 – 27+ / 1.881%
Spread to Benchmark Treasury: +87 basis points
Yield to Maturity: 2.751%
Public Offering Price: 99.979% of the principal amount
Interest Payment Dates: March 1 and September 1 of each year, commencing March 1, 2022
Optional Redemption Provisions: At any time prior to March 1, 2051 (six months prior to the maturity date), at a make whole price equal to the greater of (a) 100% of the principal amount or (b) discounted to the redemption date on a semi-annual basis at the Adjusted Treasury Rate plus 15 basis points; and on or after March 1, 2051, at 100% of the principal; plus, in each case, accrued and unpaid interest to, but excluding, the redemption date
CUSIP / ISIN: 202795JU5 / US202795JU55
Joint Book-Running Managers: BNP Paribas Securities Corp.
BofA Securities, Inc.
U.S. Bancorp Investments, Inc.
Wells Fargo Securities, LLC
SMBC Nikko Securities America, Inc.
TD Securities (USA) LLC
Co-Managers: Bancroft Capital LLC
Loop Capital Markets LLC
Mischler Financial Group, Inc.
Telsey Advisory Group LLC

*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

**We expect to deliver the bonds on or about August 12, 2021, which will be the fifth business day following the date of this term sheet (“T+5”). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade bonds on the date of this term sheet or the next two succeeding business days will be required, by virtue of the fact that the bonds initially will settle in T+5, to specify an alternate settlement cycle at the time of any such trade to prevent failed settlement and should consult their own advisors.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities Inc. at 1-800-294-1322, BNP Paribas Securities Corp. at 1-800-854-5674, U.S. Bancorp Investments, Inc. at 1-877-558-2607 and Wells Fargo Securities, LLC at 1-800-645-3751.