| | |
Per 2034 Bond
|
| |
Per 2054 Bond
|
| |
Total
|
| |||||||||
Public Offering Price(1)
|
| | | | 99.620% | | | | | | 99.866% | | | | | $ | 673,173,000 | | |
Underwriting Discount
|
| | | | 0.650% | | | | | | 0.875% | | | | | $ | 5,062,500 | | |
Proceeds, before expenses, to Potomac Electric Power Company
|
| | | | 98.970% | | | | | | 98.991% | | | | | $ | 668,110,500 | | |
| Goldman Sachs & Co. LLC | | |
Scotiabank
|
| |
US Bancorp
|
|
| Barclays | | | | | |
Wells Fargo Securities
|
|
|
BNY Mellon Capital Markets, LLC
|
| |
Loop Capital Markets
|
|
|
Amerivet Securities
|
| |
Blaylock Van, LLC
|
| |
MultiBank Securities, Inc.
|
|
| | |
Page
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| | | | S-1 | | | |
| | | | S-2 | | | |
| | | | S-3 | | | |
| | | | S-4 | | | |
| | | | S-5 | | | |
| | | | S-5 | | | |
| | | | S-6 | | | |
| | | | S-7 | | | |
| | | | S-12 | | | |
| | | | S-17 | | | |
| | | | S-23 | | | |
| | | | S-23 | | | |
| | | | S-23 | | | |
| | | | S-23 | | |
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Year Ended December 31,
|
| |||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
($ in millions)
|
| |||||||||||||||
Income Statement Data | | | | | | | | | | | | | | | | | | | |
Total operating revenues
|
| | | $ | 2,824 | | | | | $ | 2,531 | | | | | $ | 2,274 | | |
Operating income
|
| | | | 456 | | | | | | 391 | | | | | | 403 | | |
Net income
|
| | | | 306 | | | | | | 305 | | | | | | 296 | | |
Cash Flow Data | | | | | | | | | | | | | | | | | | | |
Capital expenditures
|
| | | | (957) | | | | | | (874) | | | | | | (843) | | |
Net cash flows provided by operating activities
|
| | | | 699 | | | | | | 471 | | | | | | 462 | | |
Net cash flows used in investing activities
|
| | | | (939) | | | | | | (871) | | | | | | (844) | | |
Net cash flows provided by financing activities
|
| | | | 213 | | | | | | 431 | | | | | | 385 | | |
| | |
As of December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
| | |
($ in millions)
|
| |||||||||
Balance Sheet Data | | | | | | | | | | | | | |
Property, plant and equipment, net
|
| | | $ | 9,430 | | | | | $ | 8,794 | | |
Regulatory assets, including current portion
|
| | | | 600 | | | | | | 672 | | |
Total assets
|
| | | | 11,194 | | | | | | 10,657 | | |
Long-term debt, including due within one year
|
| | | | 4,096 | | | | | | 3,751 | | |
Total liabilities
|
| | | | 7,050 | | | | | | 6,875 | | |
Total shareholder’s equity
|
| | | | 4,144 | | | | | | 3,782 | | |
| | |
As of December 31, 2023
|
| |||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||
| | |
($ in millions)
|
| |||||||||
Short-term borrowings
|
| | | $ | 132 | | | | | $ | 36 | | |
Long-term debt, including due within one year
|
| | | | 4,096 | | | | | | 4,371 | | |
Total shareholders’ equity
|
| | | | 4,144 | | | | | | 4,144 | | |
Total capitalization
|
| | | $ | 8,372 | | | | | $ | 8,551 | | |
Underwriters
|
| |
Principal Amount
of 2034 Bonds to be Purchased |
| |
Principal Amount
of 2054 Bonds to be Purchased |
| ||||||
Goldman Sachs & Co. LLC
|
| | | $ | 82,500,000 | | | | | $ | 66,000,000 | | |
Scotia Capital (USA) Inc.
|
| | | | 82,500,000 | | | | | | 66,000,000 | | |
U.S. Bancorp Investments, Inc.
|
| | | | 82,500,000 | | | | | | 66,000,000 | | |
Barclays Capital Inc.
|
| | | | 39,375,000 | | | | | | 31,500,000 | | |
Wells Fargo Securities, LLC
|
| | | | 39,375,000 | | | | | | 31,500,000 | | |
BNY Mellon Capital Markets, LLC
|
| | | | 18,750,000 | | | | | | 15,000,000 | | |
Loop Capital Markets LLC
|
| | | | 18,750,000 | | | | | | 15,000,000 | | |
AmeriVet Securities, Inc.
|
| | | | 3,750,000 | | | | | | 3,000,000 | | |
Blaylock Van, LLC
|
| | | | 3,750,000 | | | | | | 3,000,000 | | |
Multi-Bank Securities, Inc.
|
| | | | 3,750,000 | | | | | | 3,000,000 | | |
Total
|
| | | $ | 375,000,000 | | | | | $ | 300,000,000 | | |
| | |
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| | | | 19 | | | |
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| | | | 21 | | | |
| | | | 22 | | |
Renewal Fund Requirement
|
| ||||||||||||||||||||||||
Year
|
| |
Amount
(in millions) |
| |
Year
|
| |
Amount
(in millions) |
| |
Year
|
| |
Amount
(in millions) |
| |||||||||
1989
|
| | | $ | 140.7 | | | | 1994 | | | | $ | 193.6 | | | | 2004 | | | | $ | 270.7 | | |
1990
|
| | | | 1.0 | | | | 1995 | | | | | 15.0* | | | | | | | | | | | |
1993
|
| | | | 50.9 | | | | 1996 | | | | | 139.9* | | | | | | | | | | | |
Exhibit 107
The prospectus to which this Exhibit 107 is attached is a final prospectus for the related offering. The maximum aggregate offering price for such offering is $673,173,000.
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