| | |
Price to Public(1)
|
| |
Underwriting
Discount |
| |
Proceeds, before
expenses, to us |
| |||||||||
Per 2034 note
|
| | | | 99.771% | | | | | | 0.650% | | | | | | 99.121% | | |
Total for 2034 notes
|
| | | $ | 399,084,000 | | | | | $ | 2,600,000 | | | | | $ | 396,484,000 | | |
Per 2054 note
|
| | | | 99.972% | | | | | | 0.875% | | | | | | 99.097% | | |
Total for 2054 notes
|
| | | $ | 399,888,000 | | | | | $ | 3,500,000 | | | | | $ | 396,388,000 | | |
Total
|
| | | $ | 798,972,000 | | | | | $ | 6,100,000 | | | | | $ | 792,872,000 | | |
| BNP PARIBAS | | |
MUFG
|
| | PNC Capital Markets LLC | | |
SMBC Nikko
|
|
| Credit Agricole CIB | | |
RBC Capital Markets
|
|
|
Academy Securities
|
| |
C.L. King & Associates
|
| |
Guzman & Company
|
| |
Independence Point Securities
|
|
| | |
Page
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| | | | S-5 | | | |
| | | | S-5 | | | |
| | | | S-6 | | | |
| | | | S-7 | | | |
| | | | S-15 | | | |
| | | | S-20 | | | |
| | | | S-21 | | | |
| | | | S-25 | | | |
| | | | S-26 | | | |
| | | | S-26 | | | |
| | | | S-26 | | |
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Year Ended December 31,
|
| |
Three Months Ended
March 31, |
| ||||||||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |
2024
|
| |
2023
|
| |||||||||||||||
| | |
($ in millions)
|
| |
(unaudited)
|
| ||||||||||||||||||||||||
Income Statement Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating revenues
|
| | | $ | 4,027 | | | | | $ | 3,895 | | | | | $ | 3,341 | | | | | $ | 1,297 | | | | | $ | 1,257 | | |
Operating income
|
| | | | 782 | | | | | | 519 | | | | | | 481 | | | | | | 330 | | | | | | 293 | | |
Net income
|
| | | | 485 | | | | | | 380 | | | | | | 408 | | | | | | 264 | | | | | | 200 | | |
Cash Flow Data | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash interest paid, net of amount capitalized
|
| | | $ | (171) | | | | | $ | (147) | | | | | $ | (134) | | | | | $ | (31) | | | | | $ | (37) | | |
Capital expenditures
|
| | | | (1,367) | | | | | | (1,262) | | | | | | (1,226) | | | | | | (324) | | | | | | (350) | | |
Net cash flows provided by operating activities
|
| | | | 951 | | | | | | 760 | | | | | | 729 | | | | | | 317 | | | | | | 309 | | |
Net cash flows used in investing activities
|
| | | | (1,360) | | | | | | (1,251) | | | | | | (1,208) | | | | | | (316) | | | | | | (347) | | |
Net cash flows provided by financing activities
|
| | | | 390 | | | | | | 503 | | | | | | 389 | | | | | | (22) | | | | | | (8) | | |
| | |
As of December 31,
|
| |
As of March 31,
2024 |
| ||||||||||||||||||
| | |
2023
|
| |
2022
|
| |
2021
|
| |||||||||||||||
| | |
($ in millions)
|
| |
(unaudited)
|
| ||||||||||||||||||
Balance Sheet Data | | | | | | | | | | | | | | | | | | | | | | | | | |
Property, plant and equipment, net
|
| | | $ | 12,102 | | | | | $ | 11,338 | | | | | $ | 10,577 | | | | | $ | 12,291 | | |
Regulatory assets, including current portion
|
| | | | 956 | | | | | | 704 | | | | | | 692 | | | | | | 979 | | |
Total assets
|
| | | | 14,184 | | | | | | 13,350 | | | | | | 12,324 | | | | | | 14,444 | | |
Regulatory liabilities, including current portion
|
| | | | 800 | | | | | | 863 | | | | | | 960 | | | | | | 725 | | |
Long-term debt, including long-term debt due within one
year |
| | | | 4,602 | | | | | | 4,207 | | | | | | 3,961 | | | | | | 4,602 | | |
Total liabilities
|
| | | | 8,694 | | | | | | 8,414 | | | | | | 7,754 | | | | | | 8,782 | | |
Total shareholders’ equity
|
| | | | 5,490 | | | | | | 4,936 | | | | | | 4,570 | | | | | | 5,662 | | |
| | |
As of March 31, 2024
|
| |||||||||||||||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||||||||||||||
| | |
(In millions)
|
| |
(% of
Capitalization and Short-term Borrowings) |
| |
(In millions)
|
| |
(% of
Capitalization and Short-term Borrowings) |
| ||||||||||||
Short-term borrowings
|
| | | $ | 406 | | | | | | 4.0% | | | | | $ | — | | | | | | —% | | |
Long-term debt: | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term debt of BGE (including current portion)
|
| | | | 4,602 | | | | | | 43.0% | | | | | | 4,602 | | | | | | 41% | | |
2034 notes
|
| | | | — | | | | | | — | | | | | | 400 | | | | | | 4% | | |
2054 notes
|
| | | | — | | | | | | — | | | | | | 400 | | | | | | 4% | | |
Total shareholder’s equity(1)
|
| | | | 5,662 | | | | | | 53.0% | | | | | | 5,662 | | | | | | 51% | | |
Total capitalization and short-term borrowings
|
| | | $ | 10,670 | | | | | | 100.0% | | | | | $ | 11,064 | | | | | | 100.0% | | |
Underwriter
|
| |
Principal
Amount of 2034 Notes |
| |
Principal
Amount of 2054 Notes |
| ||||||
BNP Paribas Securities Corp.
|
| | | $ | 75,000,000 | | | | | $ | 75,000,000 | | |
MUFG Securities Americas Inc.
|
| | | | 75,000,000 | | | | | | 75,000,000 | | |
PNC Capital Markets LLC
|
| | | | 75,000,000 | | | | | | 75,000,000 | | |
SMBC Nikko Securities America, Inc.
|
| | | | 75,000,000 | | | | | | 75,000,000 | | |
Credit Agricole Securities (USA) Inc.
|
| | | | 44,000,000 | | | | | | 44,000,000 | | |
RBC Capital Markets, LLC
|
| | | | 44,000,000 | | | | | | 44,000,000 | | |
Academy Securities, Inc.
|
| | | | 3,000,000 | | | | | | 3,000,000 | | |
C.L. King & Associates, Inc.
|
| | | | 3,000,000 | | | | | | 3,000,000 | | |
Guzman & Company
|
| | | | 3,000,000 | | | | | | 3,000,000 | | |
Independence Point Securities LLC
|
| | | | 3,000,000 | | | | | | 3,000,000 | | |
Total
|
| | | $ | 400,000,000 | | | | | $ | 400,000,000 | | |
| | |
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EX-FILING FEES
Calculation of Filing Fee Tables
424(b)(5)
(Form Type)
Baltimore
Gas and Electric Company
(Exact Name of Registrant as Specified in its Charter)
Not
applicable
(Translation of Registrant’s Name into English)
Table 1: Newly Registered and Carry Forward Securities
Security Type |
Security Class Title |
Fee Calculation or Carry Forward Rule |
Amount Registered |
Proposed Maximum Offering Price Per Unit |
Maximum Aggregate Offering Price |
Fee Rate | Amount of Registration Fee |
Carry Forward Form Type |
Carry Forward File Number |
Carry Forward Initial effective date |
Filing Fee Previously Paid In Connection with Unsold Securities to be Carried Forward | |
Newly Registered Securities | ||||||||||||
Fees to Be Paid | Debt | 5.300% notes due 2034 | 457(o) | $399,084,000 | 0.00014760 | $58,904.80 | ||||||
Debt | 5.650% notes due 2054 | 457(o) | $399,888,000 | 0.00014760 | $59,023.47 | |||||||
Fees Previously Paid | ||||||||||||
Carry Forward Securities | ||||||||||||
Carry Forward Securities |
||||||||||||
Total Offering Amounts | $798,972,000 | |||||||||||
Total Fees Previously Paid | ||||||||||||
Total Fee Offsets | ||||||||||||
Net Fee Due | $117,928.27 |