This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Exelon Prices Common Stock And Equity Units Offerings

Exelon Corporation (NYSE: EXC) (“Exelon”) announced today that it has priced its concurrent public offerings of 50,000,000 shares of its common stock in connection with forward sales agreements (as discussed below) and 20,000,000 equity units (aggregate stated amount of $1.0 billion). Net proceeds of the offerings will be used to finance a portion of the Pepco Holdings Inc. acquisition announced on April 30, 2014, and for general corporate purposes.

Exelon has priced 50,000,000 shares of its common stock at a public offering price of $35.00 per share and has granted the underwriters a 30-day option to purchase an additional 7,500,000 shares of Exelon common stock upon the same terms. The offering of common stock is expected to close on June 17, 2014, subject to customary closing conditions.

In connection with the common stock offering, Exelon entered into forward sale agreements with an affiliate of Barclays Capital Inc. and Goldman, Sachs & Co. (the “forward counterparties”). Under those agreements, Exelon agreed to issue and sell to the forward counterparties (subject to Exelon's right to cash or net share settle the forward sale agreements) the same number of shares of Exelon's common stock sold by the forward counterparties (or their respective affiliates) in the underwritten public offering.

Settlement of the forward sale agreements will occur on dates to be specified by the company, but no later than October 29, 2015. Upon physical settlement of the forward sale agreements, Exelon will issue and deliver to the forward counterparties shares of its common stock in exchange for cash proceeds per share equal to the forward sale price, which will initially be $33.95 (the public offering price, less underwriting discounts and commissions), and will be subject to certain adjustments as provided in the forward sale agreements. Exelon may, subject to certain conditions, elect cash or net share settlement for all or a portion of its rights or obligations under the forward sale agreements.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs