0001104659-22-061984.txt : 20220517 0001104659-22-061984.hdr.sgml : 20220517 20220517164108 ACCESSION NUMBER: 0001104659-22-061984 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20220517 DATE AS OF CHANGE: 20220517 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PECO ENERGY CO CENTRAL INDEX KEY: 0000078100 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 230970240 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-233543-03 FILM NUMBER: 22935174 BUSINESS ADDRESS: STREET 1: 2301 MARKET STREET STREET 2: PO BOX 8699 CITY: PHILADELPHIA STATE: PA ZIP: 19101-8699 BUSINESS PHONE: 215-841-4000 MAIL ADDRESS: STREET 1: 2301 MARKET STREET STREET 2: PO BOX 8699 CITY: PHILADELPHIA STATE: PA ZIP: 19101-8699 FORMER COMPANY: FORMER CONFORMED NAME: PHILADELPHIA ELECTRIC CO DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PECO ENERGY CO CENTRAL INDEX KEY: 0000078100 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 230970240 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 2301 MARKET STREET STREET 2: PO BOX 8699 CITY: PHILADELPHIA STATE: PA ZIP: 19101-8699 BUSINESS PHONE: 215-841-4000 MAIL ADDRESS: STREET 1: 2301 MARKET STREET STREET 2: PO BOX 8699 CITY: PHILADELPHIA STATE: PA ZIP: 19101-8699 FORMER COMPANY: FORMER CONFORMED NAME: PHILADELPHIA ELECTRIC CO DATE OF NAME CHANGE: 19920703 FWP 1 tm2214909d3_fwp.htm FWP

 

Filed Pursuant to Rule 433

Registration Statement No. 333-233543-03

Dated May 17, 2022

 

PECO Energy Company

$350,000,000 First and Refunding Mortgage Bonds 4.600 % Series Due 2052

 

Pricing Term Sheet

 

Issuer: PECO Energy Company
Ratings: Aa3 (Moody’s); A (S&P); A+ (Fitch)
Securities: First and Refunding Mortgage Bonds
Trade Date: May 17, 2022
Settlement Date**: May 24, 2022 (T+5)
Principal Amount: $350,000,000
Maturity: May 15, 2052
Coupon: 4.600%
Benchmark Treasury: 2.250% due February 15, 2052
Benchmark Treasury Price and Yield: 82-09 / 3.175%
Spread to Benchmark Treasury: 147 basis points
Yield to Maturity: 4.645%
Public Offering Price: 99.277%
Interest Payment Dates: May 15 and November 15, commencing November 15, 2022
Optional Redemption Provisions: At any time prior to November 15, 2051 (i.e., six months prior to the maturity date of the Bonds), at a make whole price equal to the greater of (a) discounted to the redemption date on a semi-annual basis at the Treasury Rate plus 25 basis points or (b) 100% of the principal amount; and on or after November 15, 2051, at 100% of the principal; plus, in each case, accrued and unpaid interest to the redemption date
CUSIP: 693304 BD8
ISIN: US693304BD82
Joint Book Running Managers:

Credit Agricole Securities (USA) Inc.

Goldman Sachs & Co. LLC

Scotia Capital (USA) Inc.

 

 

MUFG Securities Americas Inc.

PNC Capital Markets LLC

Wells Fargo Securities, LLC

Senior Co-Managers: Huntington Securities, Inc.
Siebert Williams Shank & Co., LLC
Co-Managers:

AmeriVet Securities, Inc.

Great Pacific Securities
MFR Securities, Inc.

 

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 May 24, 2022, 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

 

Credit Agricole Securities (USA) Inc. toll-free at 866-807-6030 Goldman Sachs & Co. LLC toll free at 212-902-1171 and Scotia Capital (USA) Inc. toll free at 800-372-3930.