Document/ExhibitDescriptionPagesSize 1: 8-K Current Report HTML 36K
2: EX-1.1 Underwriting Agreement or Conflict Minerals Report HTML 90K
3: EX-4.1 Instrument Defining the Rights of Security Holders HTML 64K
4: EX-5.1 Opinion of Counsel re: Legality HTML 11K
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Section
1 - Registrant’s Business and Operations
Item 1.01. Entry into a Material Definitive Agreement.
On March 15, 2022, Commonwealth Edison Company (ComEd) issued $300 million aggregate principal amount of its First Mortgage 3.150% Bonds, Series 132, due March 15, 2032 (Series 132 Bonds), and $450 million aggregate principal amount of its First Mortgage 3.850% Bonds, Series 133, due March 15, 2052 (Series 133 Bonds and, together with the Series 132 Bonds, the Bonds). See Item 2.03 below for a description of the Bonds and related agreements.
Section 2 - Financial Information
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance
Sheet Arrangement of a Registrant.
On March 15, 2022, ComEd issued $300 million aggregate principal amount of its First Mortgage 3.150% Bonds, Series 132, due March 15, 2032, and $450 million aggregate principal amount of its First Mortgage 3.850% Bonds, Series 133, due March 15, 2052. The Bonds were issued pursuant to ComEd’s Mortgage dated July 1, 1923, as amended and supplemented by supplemental indentures, including the Supplemental Indenture dated August 1, 1944 (Mortgage) and the Supplemental Indenture dated as of February
23, 2022 (Supplemental Indenture). The Mortgage is a first mortgage on ComEd’s utility plant. The proceeds of the Bonds will be used by ComEd to repay ComEd’s outstanding commercial paper obligations and to fund other general corporate purposes. The Bonds were registered under the Securities Act of 1933, as amended, pursuant to ComEd’s Registration Statement on Form S-3 (Registration No. 333-233543-02), with the Securities and Exchange Commission (SEC), which was effective upon filing.
The Series 132 Bonds carry an interest rate of 3.150% per annum, and the Series 133 Bonds carry an interest rate of 3.850% per annum. Interest on the Bonds is payable semi-annually
on March 15 and September 15, commencing September 15, 2022. The Bonds are redeemable in whole or in part at ComEd’s option at any time prior to December 15, 2031 (three months prior to the maturity date of the Series 132 bonds) (Series 132 Par Call Date), in the case of the Series 132 Bonds, or prior to September 15, 2051 (six months prior to the maturity date of the Series 133 bonds) (Series 133 Par Call Date), in the case of the Series 133 Bonds, at a redemption price equal to the greater of 100% of the principal amount to be redeemed or a “make-whole” redemption price calculated as provided in the Supplemental Indenture, plus accrued and unpaid interest to the redemption date. A copy of the Supplemental Indenture,
which sets forth the terms of the Bonds, is attached hereto as Exhibit 4.1 and is incorporated herein by reference.
In connection with the issuance of the Bonds, Sidley Austin LLP provided ComEd with the legal opinion attached to this Current Report as Exhibit 5.1.
A copy of the Underwriting Agreement dated March 8, 2022 between ComEd and BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, SMBC Nikko Securities America, Inc., and U.S. Bancorp Investments, Inc., as representatives
of the several underwriters named therein, is filed as Exhibit 1.1 to this Current Report. Some of the underwriters or some of the banking affiliates of the underwriters are lending parties in ComEd’s revolving credit facility. Some of the underwriters and their affiliates have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business with ComEd and its affiliates. They have received customary fees and commissions for these transactions.
Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.
104
The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.
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This Current Report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,”“may,”“expects,”“anticipates,”“will,”“targets,”“goals,”“projects,”“intends,”“plans,”“believes,”“seeks,”“estimates,”“predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.
The factors that could cause actual results to differ materially from the forward-looking statements made by ComEd include those factors discussed herein as well as the items discussed in (1) ComEd's 2021 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies;
and (2) other factors discussed in filings with the SEC by ComEd.
Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this Current Report. ComEd undertakes no obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this Current Report.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, ComEd has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
