Exelon sells notes for USD 900m to fund John Deere Renewables acquisition
(ADPnews) - Sep 28, 2010 - Exelon Generation Company LLC, a unit of US utility Exelon Corp (NYSE:EXC), said on Monday it would sell USD 900 million (EUR 671.5m) in senior notes to finance the acquisition of local wind power developer John Deere Renewables and for general corporate needs.
The company is offering notes for USD 550 million with a 4% annual coupon, maturing on October 1, 2020, and USD 350 million in senior notes due 2041, which bear a coupon of 5.75%.
Barclays Capital Inc, Citigroup Inc (NYSE:C), Goldman Sachs Group Inc (NYSE:GS), RBS Securities Inc, BNP Paribas SA (EPA:BNP), Mizuho Securities Co Ltd (TYO:8606), Wells Fargo & Co (NYSE:WFC) and The Williams Capital Group LP have been appointed bookrunners of the offering, which is to close on September 30.
At the end of August, Exelon announced that it had agreed to acquire John Deere Renewables in a deal valued at some USD 860 million. Via the deal, Exelon will acquire John Deere Renewables’ 735 MW of installed, operating wind capacity—enough to power 160,000 to 220,000 households.