Filed Pursuant to Rule 433
Registration Statement No. 333-181749-04
Dated January 6, 2014
Commonwealth Edison Company
January 6, 2014
Pricing Term Sheet
Series 115 Bonds | Series 116 Bonds | |||
| Issuer: | Commonwealth Edison Company | Commonwealth Edison Company | ||
| Ratings: | A3 (Moody’s); A- (S&P); BBB+ (Fitch) | A3 (Moody’s); A- (S&P); BBB+ (Fitch) | ||
| Securities: | First Mortgage 2.150% Bonds, Series 115 | First Mortgage 4.700% Bonds, Series 116 | ||
| Settlement Date: | January 10, 2014 (T+4) | January 10, 2014 (T+4) | ||
| Principal Amount: | $300,000,000 | $350,000,000 | ||
| Maturity: | January 15, 2019 | January 15, 2044 | ||
| Coupon: | 2.150% | 4.700% | ||
| Benchmark Treasury: | 1.500% due December 31, 2018 | 3.625% due August 15, 2043 | ||
| Benchmark Treasury Yield: | 1.697% | 3.902% | ||
| Spread to Benchmark Treasury: | 50 basis points | 80 basis points | ||
| Yield to Maturity: | 2.197% | 4.702% | ||
| Offering Price: | 99.778% | 99.967% | ||
| Interest Payment Dates: | January 15 and July 15 of each year, commencing July 15, 2014 | January 15 and July 15 of each year, commencing July 15, 2014 | ||
| Redemption Provisions: | At any time prior to December 15, 2018, at a make whole price equal to the greater of (a) 100% of the principal amount or (b) discounted present value at Treasury rate plus 10 basis points; and on or after December 15, 2018, at 100% of the principal; plus, in each case, accrued interest to but excluding the redemption date | At any time prior to July 15, 2043, at a make whole price equal to the greater of (a) 100% of the principal amount or (b) discounted present value at Treasury rate plus 15 basis points; and on or after July 15, 2043, at 100% of the principal; plus, in each case, accrued interest to but excluding the redemption date | ||
| CUSIP/ ISIN: | 202795JC5/ US202795JC57 | 202795JD3/ US202795JD31 | ||
| Joint Book Running Managers: | BNP Paribas Securities Corp. J.P. Morgan Securities LLC Scotia Capital (USA) Inc. Credit Agricole Securities (USA) Inc. RBC Capital Markets, LLC U.S. Bancorp Investments, Inc. | BNP Paribas Securities Corp. J.P. Morgan Securities LLC Scotia Capital (USA) Inc. Credit Agricole Securities (USA) Inc. RBC Capital Markets, LLC U.S. Bancorp Investments, Inc. | ||
| Senior Co-Manager: | KeyBanc Capital Markets Inc. | KeyBanc Capital Markets Inc. | ||
| Co-Managers: | Apto Partners, LLC C.L. King & Associates, Inc. Drexel Hamilton, LLC | Apto Partners, LLC C.L. King & Associates, Inc. Drexel Hamilton, LLC | ||
Note:A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BNP Paribas Securities Corp. at (800) 854-5674, J.P. Morgan Securities LLC at (212) 834-4533 or Scotia Capital (USA) Inc. at (800) 372-3930.
