exelon corp (EXC) Key Developments
Exelon Plants Up For Sale
Jun 24 14
Exelon Corporation (NYSE:EXC) has put up for sale its interests in two PJM power plants, in addition to plants in Texas and New England.
Exelon Seeks Acquisitions
Jun 13 14
Exelon Corporation (NYSE:EXC) is looking for acquisition opportunities. Exelon announced a public offering of 50 million shares of its common stock and will use the net proceeds of the offering to finance a portion of the Pepco Holdings, Inc. acquisition and for general corporate purposes.
Exelon Corporation Enters into Senior Unsecured Bridge Term Loan Agreement
Jun 4 14
On May 30, 2014, Exelon Corporation entered into a $7.221 billion 364-day senior unsecured bridge term loan agreement established pursuant to an April 29, 2014 Commitment Letter entered into as part of Exelon's proposed acquisition of Pepco Holdings Inc. announced on April 30, 2014. The Bridge Agreement is among Exelon, as Borrower, the various financial institutions named therein, as Lenders, and Barclays Bank PLC, as Administrative Agent. Pursuant to the Bridge Agreement the Lenders have committed to provide debt financing to fund, in part, the Acquisition, consisting of a $7.221 billion bridge term loan facility (minus cash proceeds of certain indebtedness and other specified amounts as provided therein). The Bridge Agreement contains representations and warranties, affirmative, negative and financial covenants and events of default substantially based upon Exelon's existing revolving credit agreement, dated as of March 23, 2011, as amended, restated, amended and restated and as otherwise modified prior to the date hereof. The obligations of the Lenders to provide this debt financing are subject to a number of customary conditions. If the commitments under the Bridge Agreement are funded, Exelon will pay interest at a fluctuating rate per annum equal to, at its election, the base rate or euro-dollar rate plus, in each case, an applicable margin, calculated as provided in the Bridge Agreement. Loans under the Bridge Agreement will mature and be payable in full on the date that is 364 days after the funding of the commitments under the Bridge Agreement. In connection with the Bridge Agreement, Exelon will pay a ticking fee of 0.225% per annum on the daily average undrawn total commitments, subject to change based on changes in Exelon's debt ratings, which fee will accrue through the earlier of (i) the date of termination of the commitments and (ii) the date of funding of the commitments. If the loans under the Bridge Agreement are funded, Exelon will also pay duration fees in amounts equal to the percentage of the principal amount of the loans under the Bridge Agreement outstanding at the close of business.
Exelon Corporation Declares Regular Quarterly Dividend Payable on June 10, 2014
May 6 14
The Board of Directors of Exelon Corporation declared a regular quarterly dividend of $0.31 per share on Exelon's common stock. The dividend is payable on June 10, 2014, to shareholders of record of Exelon as of 5:00 p.m. New York Time on May 16, 2014.
Exelon Corporation Presents at Sanford C. Bernstein Strategic Decisions Conference, May-29-2014 02:00 PM
May 6 14
Exelon Corporation Presents at Sanford C. Bernstein Strategic Decisions Conference, May-29-2014 02:00 PM. Venue: Waldorf-Astoria Hotel, 301 Park Avenue, New York, New York, United States. Speakers: Christopher M. Crane, Chief Executive Officer, President, Director, Member of Generation Oversight Committee and Member of Investment Oversight Committee.