Filed Pursuant to Rule 433
Registration No. 333-190917-02
November 7, 2013
DELMARVA POWER & LIGHT COMPANY
$300,000,000
First Mortgage Bonds, 3.50% Series due November 15, 2023
| Issuer: | Delmarva Power & Light Company | ||
| Issue: | First Mortgage Bonds, 3.50% Series due November 15, 2023 | ||
| Ratings:* | A3 (Stable)/A (Stable)/A (Stable) (Moody’s/S&P/Fitch) | ||
| Offering Size: | $300,000,000 | ||
| Coupon: | 3.50% | ||
| Trade Date: | November 7, 2013 | ||
| Settlement Date: | November 15, 2013 (T+5) | ||
| Maturity Date: | November 15, 2023 | ||
| Price to Public: | 99.958% per Bond | ||
| Proceeds (before expenses) to Issuer: | $297,924,000 | ||
| Benchmark Treasury: | 2.50% due August 15, 2023 | ||
| Benchmark Treasury Yield: | 2.605% | ||
| Spread to Benchmark Treasury: | +90 bps | ||
| Yield to Maturity: | 3.505% | ||
| Optional Redemption: | Make-whole call at any time prior to August 15, 2023, 15 bps spread over the U.S. Treasury selected by the independent investment banker. Callable on or after August 15, 2023 at par. | ||
| Interest Payment Dates: | May 15 and November 15 of each year, commencing on May 15, 2014 | ||
| CUSIP/ISIN Number: | 247109BS9/US247109BS95 | ||
| Mortgage Capacity: | As discussed in the preliminary prospectus supplement under “Description of First Mortgage Bonds—General,” after giving effect to the issuance of the Bonds, as of August 31, 2013, available property additions and refundable bonds would permit, and the net earnings test would not prohibit, the issuance of approximately $1,080.2 million in principal amount of additional bonds as long as the weighted average interest rate of the additional bonds was less than approximately 5.30%. | ||
| Joint Book-Running Managers: | Citigroup Global Markets Inc. RBS Securities Inc. Wells Fargo Securities, LLC | ||
| Co-Managers: | BNY Mellon Capital Markets, LLC PNC Capital Markets LLC | ||
* A security rating is not a recommendation to buy, sell or hold securities and should be evaluated independently of any other rating. The rating is subject to revision or withdrawal at any time by the assigning rating organization. Each security rating agency has its own methodology for assigning ratings, and, accordingly, each rating should be considered independently of all other ratings.
The issuer has filed a registration statement (including a prospectus and a preliminary prospectus supplement) with the Securities and Exchange Commission, or SEC, for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement, the preliminary prospectus supplement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may obtain these documents for free by visiting EDGAR on the SEC website atwww.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 Citigroup Global Markets Inc. toll free at 1-800-831-9146, RBS Securities Inc. toll-free at 1-866-884-2071 or Wells Fargo Securities, LLC toll-free at 1-800-326-5897.
