0001104659-23-057194.txt : 20230508 0001104659-23-057194.hdr.sgml : 20230508 20230508164021 ACCESSION NUMBER: 0001104659-23-057194 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20230508 DATE AS OF CHANGE: 20230508 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BALTIMORE GAS & ELECTRIC CO CENTRAL INDEX KEY: 0000009466 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 520280210 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-266487-04 FILM NUMBER: 23898372 BUSINESS ADDRESS: STREET 1: 2 CENTER PLAZA STREET 2: 110 W. FAYETTE STREET CITY: BALTIMORE STATE: MD ZIP: 21201 BUSINESS PHONE: 4104702800 MAIL ADDRESS: STREET 1: 2 CENTER PLAZA STREET 2: 110 W. FAYETTE STREET CITY: BALTIMORE STATE: MD ZIP: 21201 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: BALTIMORE GAS & ELECTRIC CO CENTRAL INDEX KEY: 0000009466 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC & OTHER SERVICES COMBINED [4931] IRS NUMBER: 520280210 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 2 CENTER PLAZA STREET 2: 110 W. FAYETTE STREET CITY: BALTIMORE STATE: MD ZIP: 21201 BUSINESS PHONE: 4104702800 MAIL ADDRESS: STREET 1: 2 CENTER PLAZA STREET 2: 110 W. FAYETTE STREET CITY: BALTIMORE STATE: MD ZIP: 21201 FWP 1 tm2314109d3_fwp.htm FWP

 

Filed Pursuant to Rule 433

Registration No. 333-266487-04

Dated May 8, 2023

 

Baltimore Gas and Electric Company

 

$700,000,000 5.400% Notes Due 2053

 

Pricing Term Sheet

 

Issuer: Baltimore Gas and Electric Company  
Expected Ratings*: A3 (Moody’s); A (S&P); A (Fitch)  
Securities: 5.400% Notes due 2053  
Trade Date: May 8, 2023  
Settlement Date: May 10, 2023 (T+2)  
Principal Amount: $700,000,000  
Maturity: June 1, 2053  
Coupon: 5.400%  
Benchmark Treasury: 4.000% due November 15, 2052  
Benchmark Treasury Price and Yield: 103-03+ / 3.823%
Spread to Benchmark Treasury: 158 basis points  
Yield to Maturity: 5.403%  
Public Offering Price: 99.951% of the principal amount  
Interest Payment Dates: June 1 and December 1, commencing December 1, 2023  
Optional Redemption Provisions: At any time prior to December 1, 2052 (six months prior to the maturity date) (the “Par Call Date”), at a make whole price equal to the greater of (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Notes to be redeemed, plus, in each case, accrued and unpaid interest to the redemption date.  
CUSIP: 059165 EQ9  

 

 

ISIN: US059165EQ94  
Joint Book Running Managers:    

BNP Paribas Securities Corp.

Credit Agricole Securities (USA) Inc.

MUFG Securities Americas Inc.

Scotia Capital (USA) Inc.

Credit Suisse Securities (USA) LLC

U.S. Bancorp Investments, Inc.  

Senior Co-Managers:

BNY Mellon Capital Markets, LLC

Santander US Capital Markets LLC

Co-Managers:

AmeriVet Securities, Inc.

Guzman & Company

Mischler Financial Group, Inc.

Siebert Williams Shank & Co., 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.

 

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 BNP Paribas Securities Corp., at (800) 854-5674, Credit Agricole Securities (USA) Inc. at (860) 807-6030, MUFG Securities Americas Inc. at (877) 649-6848 or Scotia Capital (USA) Inc. at (800) 372-3930.