Oncor issues €700M notes at 5.44% USD all-in; HB 5247 UTM expected to boost ROE 50-100 bps

ONCOR ELECTRIC DELIVERY CO LLC

Issued €700M 3.625% Senior Secured Notes due 2034; all-in USD fixed rate 5.4405% via cross-currency swaps.
Net proceeds ~€691.1M ($794.4M); will repay $210M AR securitization facility and outstanding commercial paper.
Texas HB 5247 (UTM) signed June 20, effective; Oncor expects to qualify and file first UTM in H1 2026.
UTM allows annual interim rate adjustments for eligible T&D capex through 2035; expected to improve ROE by 50-100 bps.
Oncor will begin recognizing regulatory asset for eligible capex placed in service after Dec 31, 2024.

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