Deals this week: Commonwealth Edison, and Florida Power & Light

23 June 2016 (Last Updated June 23rd, 2016 18:30)

Commonwealth Edison Company (ComEd) has priced the public offering of its 3.65% series 121 first mortgage bonds to raise approximately $700m.

Commonwealth Edison Company (ComEd) has priced the public offering of its 3.65% series 121 first mortgage bonds to raise approximately $700m.

Maturing on 15 June 2046, the bonds' interest will be paid semi-annually on 15 June and 15 December of each year, commencing from December 2016.

The company has also priced the public offering of its 2.55% series 120 bonds, which mature on 15 June 2026. This will raise approximately $500m.

The proceeds from the two offerings will be used to refinance the company's outstanding mortgage bonds, which are due to mature in 2016.

Florida Power & Light Company has announced its intention to acquire the 330MW Indiana Town Cogeneration power plant from Calypso Energy Holdings for approximately $451m.

The acquisition is being proposed to reduce the plant's capacity to just 5% and retire it before its designed life span. FPL plans to compensate for the lost generation capacity from its current natural-gas plants under construction.

The acquisition is expected to offset approximately 657,000t of carbon dioxide emissions annually and save the FPL customers approximately $129m.