8-K filed March 15, 2023, 7:59 PM ET CIK 0000027879

debt confidence high sentiment neutral materiality 0.50

DELMARVA POWER & LIGHT CO /DE/: debt financing — ACE, DPL and Pepco issue $450M in first mortgage bonds at rates 5.30%-5.57%

DELMARVA POWER & LIGHT CO /DE/

ACE issued $75M of 5.57% Series due 2053; DPL issued $125M initial bonds at 5.30% (2033) and 5.57% (2053).
Pepco issued $250M initial bonds at 5.30% (2033), 5.40% (2038), and 5.57% (2053).
DPL also agreed to issue additional $525M bonds (5.45%-5.72%) with closings in Nov. 2023.
Pepco also agreed to issue $100M of 5.35% Series due 2033 with closing in Sept. 2023.
Proceeds from all bonds will repay existing debt and for general corporate purposes.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DELMARVA POWER & LIGHT CO /DE/ incurred senior notes of $340 million aggregate principal amount with institutional investors at 5.45% maturing November 8, 2033.

Instrument: senior notes
Principal: $340 million aggregate principal amount
Counterparty: institutional investors
Rate: 5.45%
Maturity: November 8, 2033
Event: incurrence

Exact text from the filing

(ii) $340 million aggregate principal amount of its First Mortgage Bonds, 5.45% Series due November 8, 2033 (the Additional 2033 DPL Bonds)

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DELMARVA POWER & LIGHT CO /DE/ incurred senior notes of $100 million aggregate principal amount with institutional investors at 5.35% maturing September 13, 2033.

Instrument: senior notes
Principal: $100 million aggregate principal amount
Counterparty: institutional investors
Rate: 5.35%
Maturity: September 13, 2033
Event: incurrence

Exact text from the filing

(ii) $100 million aggregate principal amount of its First Mortgage Bonds, 5.35% Series due September 13, 2033 (the Additional 2033 Pepco Bonds)

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

DELMARVA POWER & LIGHT CO /DE/ incurred senior notes of $125 million aggregate principal amount with institutional investors at 5.57% maturing March 15, 2053.

Instrument: senior notes
Principal: $125 million aggregate principal amount
Counterparty: institutional investors
Rate: 5.57%
Maturity: March 15, 2053
Event: incurrence

Exact text from the filing

(iv) $125 million aggregate principal amount of its First Mortgage Bonds, 5.57% Series due March 15, 2053 (the Initial 2053 Pepco Bonds, and together with the Initial 2033 Pepco Bonds and the Initial 2038 Pepco Bonds, the Initial Pepco Bonds).

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

DELMARVA POWER & LIGHT CO /DE/ incurred senior notes of $65 million aggregate principal amount with institutional investors at 5.57% maturing March 15, 2053.

Instrument: senior notes
Principal: $65 million aggregate principal amount
Counterparty: institutional investors
Rate: 5.57%
Maturity: March 15, 2053
Event: incurrence

Exact text from the filing

(iv) $65 million aggregate principal amount of its First Mortgage Bonds, 5.57% Series due March 15, 2053 (the Initial 2053 DPL Bonds, and together with the Initial 2033 DPL Bonds, the Initial DPL Bonds)

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DELMARVA POWER & LIGHT CO /DE/ incurred senior notes of $110 million aggregate principal amount with institutional investors at 5.72% maturing November 8, 2053.

Instrument: senior notes
Principal: $110 million aggregate principal amount
Counterparty: institutional investors
Rate: 5.72%
Maturity: November 8, 2053
Event: incurrence

Exact text from the filing

(v) $110 million aggregate principal amount of its First Mortgage Bonds, 5.72% Series due November 8, 2053 (the Additional 2053 DPL Bonds, and collectively with the Additional 2033 DPL and Additional 2038 DPL Bonds, the Additional DPL Bonds).

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

DELMARVA POWER & LIGHT CO /DE/ incurred senior notes of $75 million aggregate principal amount with institutional investors at 5.57% maturing March 15, 2053.

Instrument: senior notes
Principal: $75 million aggregate principal amount
Counterparty: institutional investors
Rate: 5.57%
Maturity: March 15, 2053
Event: incurrence

Exact text from the filing

On March 15, 2023, ACE entered into the ACE Purchase Agreement for the offer and sale of $75 million aggregate principal amount of its First Mortgage Bonds, 5.57% Series due March 15, 2053 (the ACE Bonds).

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DELMARVA POWER & LIGHT CO /DE/ incurred senior notes of $75 million aggregate principal amount with institutional investors at 5.55% maturing November 8, 2038.

Instrument: senior notes
Principal: $75 million aggregate principal amount
Counterparty: institutional investors
Rate: 5.55%
Maturity: November 8, 2038
Event: incurrence

Exact text from the filing

(iii) $75 million aggregate principal amount of its First Mortgage Bonds, 5.55% Series due November 8, 2038 (the Additional 2038 DPL Bonds)

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

DELMARVA POWER & LIGHT CO /DE/ incurred senior notes of $40 million aggregate principal amount with institutional investors at 5.40% maturing March 15, 2038.

Instrument: senior notes
Principal: $40 million aggregate principal amount
Counterparty: institutional investors
Rate: 5.40%
Maturity: March 15, 2038
Event: incurrence

Exact text from the filing

(iii) $40 million aggregate principal amount of its First Mortgage Bonds, 5.40% Series due March 15, 2038 (the Initial 2038 Pepco Bonds)

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

DELMARVA POWER & LIGHT CO /DE/ incurred senior notes of $85 million aggregate principal amount with institutional investors at 5.30% maturing March 15, 2033.

Instrument: senior notes
Principal: $85 million aggregate principal amount
Counterparty: institutional investors
Rate: 5.30%
Maturity: March 15, 2033
Event: incurrence

Exact text from the filing

On March 15, 2023, Pepco entered into the Pepco Purchase Agreement for the offer and sale of (i) $85 million aggregate principal amount of its First Mortgage Bonds, 5.30% Series due March 15, 2033 (the Initial 2033 Pepco Bonds)

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

DELMARVA POWER & LIGHT CO /DE/ incurred senior notes of $60 million aggregate principal amount with institutional investors at 5.30% maturing March 15, 2033.

Instrument: senior notes
Principal: $60 million aggregate principal amount
Counterparty: institutional investors
Rate: 5.30%
Maturity: March 15, 2033
Event: incurrence

Exact text from the filing

On March 15, 2023, DPL entered into the DPL Purchase Agreement for the offer and sale of (i) $60 million aggregate principal amount of its First Mortgage Bonds, 5.30% Series due March 15, 2033 (the Initial 2033 DPL Bonds)

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Source: SEC EDGAR

accession 0000079732-23-000012

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