UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
October 31, 2003
(Date of earliest
event reported)
Commission File Name of Registrant; State of Incorporation; Address of IRS Employer
Number Principal Executive Offices; and Telephone Number Identification Number
- --------------------- ---------------------------------------------------------- ------------------------
1-16169 EXELON CORPORATION 23-2990190
(a Pennsylvania corporation)
10 South Dearborn Street - 37th Floor
P.O. Box 805379
Chicago, Illinois 60680-5379
(312) 394-7398
1-1839 COMMONWEALTH EDISON COMPANY 36-0938600
(an Illinois corporation)
10 South Dearborn Street - 37th Floor
P.O. Box 805379
Chicago, Illinois 60680-5379
(312) 394-4321
1-1401 PECO ENERGY COMPANY 23-0970240
(a Pennsylvania corporation)
P.O. Box 8699 2301 Market Street
Philadelphia, Pennsylvania 19101-8699
(215) 841-4000
333-85496 EXELON GENERATION COMPANY, LLC 23-3064219
(a Pennsylvania limited liability company)
300 Exelon Way
Kennett Square, Pennsylvania 19348
(610) 765-6900
Item 5. Other Events
A. On October 31, 2003, Exelon Corporation (Exelon) announced via news release
the replacement of its $1.5 billion credit facility. A copy of Exelon's
news release is attached hereto as Exhibit 99.1.
B. Additional information regarding the outstanding debt of Exelon and its
subsidiaries as of September 30, 2003 is attached hereto as Exhibit 99.2.
Exhibit Index
Exhibit No. Description
99.1 News release announcing the replacement of Exelon's $1.5
billion credit facility
99.2 Additional information regarding the outstanding debt of
Exelon and its subsidiaries
This combined Form 8-K is being furnished separately by Exelon, Commonwealth
Edison Company (ComEd), PECO Energy Company (PECO) and Exelon Generation
Company, LLC (Generation) (Registrants). Information contained herein relating
to any individual registrant has been filed by such registrant on its own
behalf. No registrant makes any representation as to information relating to any
other registrant.
Except for the historical information contained herein, certain of the matters
discussed in this Report are forward-looking statements, within the meaning of
the Private Securities Litigation Reform Act of 1995, that are subject to risks
and uncertainties. The factors that could cause actual results to differ
materially from the forward-looking statements made by a registrant include
those factors discussed herein, as well as the items discussed in (a) the
Registrants' 2002 Annual Report on Form 10-K - ITEM 7. Management's Discussion
and Analysis of Financial Condition and Results of Operations--Business Outlook
and the Challenges in Managing Our Business for each of Exelon, ComEd, PECO and
Generation, (b) the Registrants' 2002 Annual Report on Form 10-K - ITEM 8.
Financial Statements and Supplementary Data: Exelon - Note 19, ComEd - Note 16,
PECO - Note 18 and Generation - Note 13 and (c) other factors discussed in
filings with the United States Securities and Exchange Commission (SEC) by the
Registrants. Readers are cautioned not to place undue reliance on these
forward-looking statements, which apply only as of the date of this Report. None
of the Registrants undertakes any obligation to publicly release any revision to
its forward-looking statements to reflect events or circumstances after the date
of this Report.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
EXELON CORPORATION
COMMONWEALTH EDISON COMPANY
PECO ENERGY COMPANY
EXELON GENERATION COMPANY, LLC
/s/ Robert S. Shapard
----------------------
Robert S. Shapard
Executive Vice President and Chief Financial Officer
Exelon Corporation
October 31, 2003
Exhibit 99.1
[EXELON LOGO]
- --------------------------------------------------------------------------------
News Release
From: Exelon Corporation For Immediate Release
Corporate Communications ---------------------
P.O. Box 805379 October 31, 2003
Chicago, IL 60680-5379
Contact: Linda Marsicano, 312.394.3099, Exelon
Exelon Corporation Replaces $1.5 Billion Credit Facility
Chicago (October 31, 2003) - Exelon Corporation (NYSE:EXC) announced today the
replacement of its $1.5 billion credit facility, which expires in November.
Exelon, along with ComEd, PECO and Exelon Generation, will participate in the
new $1.5 billion unsecured revolving credit facility. The credit facility is
equally split into a $750 million 364-day agreement and a $750 million 3-year
agreement with twenty-three banks and was substantially over-subscribed. The
facility will be used principally to support the commercial paper programs at
the Exelon holding company level and at ComEd, PECO and Exelon Generation and
the issuance of letters of credit. The credit facility also includes a term-out
option that would allow Exelon to extend the 364-day agreement for an additional
one year.
"The strong credit support received from the banking community is indicative of
the strength of our banking relationships," said Barry Mitchell, Exelon's Senior
Vice President and Treasurer. "We continue to be committed to improving the
financial performance of our core operations and strengthening our balance
sheet."
###
Exelon Corporation is one of the nation's largest electric utilities with
approximately 5 million customers and more than $15 billion in annual
revenues. The company has one of the industry's largest
portfolios of electricity generation capacity, with a nationwide reach
and strong positions in the Midwest and Mid-Atlantic. Exelon distributes
electricity to approximately 5 million customers in Illinois and
Pennsylvania and gas to more than 440,000 customers in the
Philadelphia area. Exelon is headquartered in
Chicago and trades on the NYSE under the ticker EXC.
Exhibit 99.2
Exelon Corporation
Long-Term Debt Outstanding By Issue
As of September 30, 2003
(in millions)
Debt Current Long-Term
Company Outstanding Portion Debt
- ---------------------------------------------------------------------------------------------------------
ComEd $ 6,312 $ 519 $ 5,793
PECO 5,431 292 5,139
Exelon Generation 2,313 1,249 1,064
Enterprises 38 1 37
Exelon Corp (Hold Co.) 521 5 516
-------- -------- --------
Total Exelon Corporation Long-term Debt 14,615 2,066 12,549
-------- -------- --------
Unamortized Debt Discount and Premium (87) -- (87)
Fair Value Hedge Carrying Value Adjustment 39 -- 39
Notes Payable 58 -- 58
Capital Lease Obligations 51 2 49
-------- -------- --------
61 2 59
-------- -------- --------
Exelon Corporation Long-term Debt, Including Debt
Classified as Held for Sale 14,676 2,068 12,608
-------- -------- --------
Less Debt Classified as Held for Sale (38) (1) (37)
-------- -------- --------
Exelon Corporation Long-term Debt $ 14,638 $ 2,067 $ 12,571
======== ======== ========
Exelon Corporation (Hold Co.)
Long-Term Debt Outstanding By Issue
As of September 30, 2003
(in millions)
Interest Date Maturity Debt Current Long-Term
Series Rate Issued Date Outstanding Portion Debt
- -----------------------------------------------------------------------------------------------------------------------------------
Senior Notes - Exelon Corporation
- -----------------------------------------------------------
2001 Senior Notes 6.75% 05/03/01 05/01/11 $ 500 $ - $ 500
--------- -------- -------
Total Senior Notes - Exelon Corporation 500 - 500
--------- -------- -------
Notes - Exelon Corporation
- -----------------------------------------------------------
NDH Capital Corporation 8.300% 08/02/99 01/15/09 3 1 2
NDH Capital Corporation 8.440% 10/16/95 01/01/04 1 1 -
NDH Capital Corporation 8.550% 11/12/99 01/15/09 4 1 3
NDH Capital Corporation 8.650% 01/03/00 01/15/10 3 - 3
Corporate Credit Inc. 8.875% 12/13/99 01/15/10 4 1 3
Corporate Credit Inc. 7.980% 10/01/99 07/15/10 6 1 5
--------- -------- -------
Total Notes - Exelon Corporation 21 5 16
--------- -------- -------
Total Exelon Corporation Long-term Debt $ 521 $ 5 516
========= ======== -------
Unamortized Debt Discount and Premium (2)
-------
Exelon Corporation Long-term Debt $ 514
=======
Commonwealth Edison
Long-Term Debt Outstanding By Issue
As of September 30, 2003
(in millions)
Interest Date Maturity Debt Current Long-Term
Rate Issued Date Outstanding Portion Debt
- -----------------------------------------------------------------------------------------------------------------------------------
First Mortgage Bonds
- --------------------------------------------------------
Series 102 4.740% 08/25/03 08/15/10 $ 250 $ - $ 250
Series 101 4.700% 04/07/03 04/15/15 395 395
Series 100 5.875% 01/22/03 02/01/33 350 350
Series 99 3.700% 01/22/03 02/01/08 350 350
Series 98 6.150% 03/13/02 03/15/12 600 600
Series 97 7.750% 07/15/93 07/15/23 150 150
Series 94 7.500% 07/01/93 07/01/13 147 147
Series 93 7.000% 07/01/93 07/01/05 225 225
Series 92 7.625% 04/15/93 04/15/13 219 219
Series 83 8.000% 05/15/92 05/15/08 140 140
Series 78 8.375% 10/15/91 10/15/06 125 125
Series 76 8.250% 10/01/91 10/01/06 100 100
Series 75 9.875% 06/15/90 06/15/20 54 54
Pollution Control-2003B Variable 09/24/03 11/01/19 42 42
Pollution Control-2003A Variable 05/08/03 05/15/17 40 40
Pollution Control-2002 Variable 06/04/02 04/15/13 100 100
Pollution Control-1996B 4.400% 06/27/96 12/01/06 89 89
Pollution Control-1996A 4.400% 06/27/96 12/01/06 110 110
Pollution Control-1994D 6.750% 12/01/94 03/01/15 91 91
Pollution Control-1994C 5.850% 01/15/94 01/15/14 20 20
Pollution Control-1994B 5.700% 01/15/94 01/15/09 20 20
Pollution Control-1994A 5.300% 01/15/94 01/15/04 26 26 -
----------- ---------- -----------
Total First Mortgage Bonds - ComEd 3,643 26 3,617
----------- ---------- -----------
Sinking Fund Debentures
- --------------------------------------------------------
Sinking Fund Debenture 3.125% 10/01/54 10/01/04 2 1 1
Sinking Fund Debenture 3.875% 01/01/58 01/01/08 5 1 4
Sinking Fund Debenture 4.625% 01/01/59 01/01/09 3 - 3
Sinking Fund Debenture 4.750% 12/01/61 12/01/11 7 1 6
----------- ---------- -----------
Total Sinking Fund Debentures - ComEd 17 3 14
----------- ---------- -----------
Transitional Funding Trust Notes
- --------------------------------------------------------
Class A-5 Transitional Funding Trust Notes, Series 1998 5.440% 12/16/98 03/25/05 515 340 175
Class A-6 Transitional Funding Trust Notes, Series 1998 5.630% 12/16/98 06/25/07 761 761
Class A-7 Transitional Funding Trust Notes, Series 1998 5.740% 12/16/98 12/25/08 510 510
----------- ---------- -----------
Total Transitional Funding Trust Notes - ComEd 1,786 340 1,446
----------- ---------- -----------
Pollution Control Obligations
- --------------------------------------------------------
IL Dev. Fin. Auth. - Series 1994C Variable 12/14/94 03/01/09 50 50
----------- ---------- -----------
Total Pollution Control Obligations - ComEd 50 - 50
----------- ---------- -----------
Medium Term Notes
- --------------------------------------------------------
3N- 3032 9.200% 10/18/89 10/15/04 14 14
3N- 3033 9.200% 10/18/89 10/15/04 14 14
3N- 3034 9.200% 10/18/89 10/15/04 10 10
3N- 3035 9.200% 10/18/89 10/15/04 14 14
3N- 3036 9.200% 10/18/89 10/15/04 4 4
----------- ---------- -----------
Total Medium Term Notes - ComEd 56 - 56
----------- ---------- -----------
Notes
- --------------------------------------------------------
Notes 6.400% 10/15/93 10/15/05 235 235
Notes 7.375% 01/09/97 01/15/04 150 150 -
Notes 7.625% 01/09/97 01/15/07 150 150
Notes 6.950% 07/16/98 07/15/18 225 225
----------- ---------- -----------
Total Notes - ComEd 760 150 610
----------- ---------- -----------
Total ComEd Long-Term Debt $ 6,312 $ 519 5,793
----------- ---------- -----------
Unamortized Debt Discount and Premium (77)
Fair Value Hedge Carrying Value Adjustment 39
-----------
ComEd Long-Term Debt $ 5,755
===========
PECO Energy
Long-Term Debt By Issue
As of September 30, 2003
(in millions)
Interest Issue Maturity Debt Current Long-Term
Series Rate Date Date Outstanding Portion Debt
- ------------------------------------------------------------------------------------------------------------------------------------
First Mortgage Bonds
- ----------------------------------------------------
FMB 4.7500% 9/23/02 10/1/12 $ 225 $ - $ 225
FMB 5.9500% 11/01/01 11/01/11 250 250
FMB 6.3750% 08/15/93 08/15/05 75 75
FMB 3.5000% 04/28/03 05/01/08 450 450
------------ ---------- ---------
Total First Mortgage Bonds 1,000 - 1,000
------------ ---------- ---------
Mortgage-Backed Pollution Control Notes
- ----------------------------------------------------
Delaware Co. 1988 Ser. A var. rate 04/01/93 12/01/12 50 50
Delaware Co. 1988 Ser. B var. rate 04/01/93 12/01/12 50 50
Delaware Co. 1988 Ser. C var. rate 04/01/93 12/01/12 50 50
Salem Co. 1988 Ser. A var. rate 04/01/93 12/01/12 4 4
------------ ---------- ---------
Total Mortgage-Backed Pollution Control Notes 154 - 154
------------ ---------- ---------
Pollution Control Notes
- ----------------------------------------------------
Delaware Co. 1999 Ser. A 5.20% 10/14/99 04/01/21 51 51
Montgomery Co. 1999 Ser. A 5.20% 10/14/99 10/01/30 92 92
Montgomery Co. 1999 Ser. B 5.30% 10/14/99 10/01/34 14 14
------------ ---------- ---------
Total Pollution Control Notes 157 - 157
------------ ---------- ---------
PECO Energy Transition Trust Debt (PETT)
- ----------------------------------------------------
1999 A-3 variable 03/26/99 03/01/04 45 45 -
1999 A-4 5.8000% 03/26/99 03/01/05 387 200 187
1999 A-5 variable 03/26/99 09/01/07 139 47 92
1999 A-6 6.0500% 03/26/99 03/01/07 993 993
1999 A-7 6.1300% 03/26/99 09/01/08 897 897
2000 A-3 7.6250% 05/02/00 03/01/09 399 399
2000 A-4 7.6500% 05/02/00 09/01/09 351 351
2001 A-1 6.5200% 03/01/01 03/01/10 806 806
------------ ---------- ---------
Total PECO Energy Transition Trust Debt 4,017 292 3,725
------------ ---------- ---------
Amounts Owed to Deconsolidated Financing Trust
- ----------------------------------------------------
PECO Energy Capital Trust IV 5.75% 06/24/03 06/15/33 103 103
------------ ---------- ---------
Total Debt to Affiliate 103 - 103
------------ ---------- ---------
Total PECO Long-Term Debt 5,431 292 5,139
------------ ---------- ---------
Unamortized Debt Discount and Premium (8) (8)
Notes Payable 58 58
Capital Lease Obligation 1 - 1
------------ ---------- ---------
PECO Long-Term Debt $ 5,482 $ 292 $ 5,190
============ ========== =========
Exelon Generation
Long-Term Debt By Issue
As of September 30, 2003
(in millions)
Interest Issue Maturity Debt Current Long-Term
Series Rate Date Date Outstanding Portion Debt
- -----------------------------------------------------------------------------------------------------------------------------------
Senior Notes
- ---------------------------------------------------
2001 Senior Unsecured Notes 6.95% 6/14/01 6/15/11 $ 700 $ - $ 700
------------ ---------- -----------
Unsecured Pollution Control Notes
- ---------------------------------------------------
Montgomery Co. 2001 Ser. B var. rate 9/5/01 10/1/30 69 - 69
Delaware Co. 2001 Ser. A var. rate 4/25/01 4/1/21 39 39
Montgomery Co. 2001 Ser. A var. rate 4/25/01 10/1/34 13 13
Delaware Co. 1993 Ser. A var. rate 8/24/93 8/1/16 24 24
Salem Co. 1993 Ser. A var. rate 9/9/93 3/1/25 23 23
Montgomery Co. 1994 Ser. A var. rate 2/14/95 6/1/29 83 83
Montgomery Co. 1994 Ser. B var. rate 7/2/95 6/1/29 13 13
York County 1993 Ser. A var. rate 8/24/93 8/1/16 18 18
Montgomery Co. 1996 Ser. A var. rate 3/27/96 3/1/34 34 34
Montgomery Co. 2002 Ser. A var. rate 7/24/02 12/1/29 30 30
Indiana Co. 2003 A var. rate 6/3/03 6/1/27 17 17
------------ ---------- -----------
Total Unsecured Pollution Control Notes 363 - 363
------------ ---------- -----------
Notes Payable
- ---------------------------------------------------
Exelon Boston Generating Project Construction Notes Various 11/1/02 12/31/07 1,037 1,037 -
Exelon Generation Term Loan L + .875% 11/01/02 6/18/03 210 210 -
Other 7.25% 12/31/97 6/30/04 3 2 1
------------ ---------- -----------
Total Notes Payable 1,250 1,249 1
------------ ---------- -----------
Total Exelon Generation Long-Term Debt 2,313 1,249 1,064
------------ ---------- -----------
Unamortized Debt Discount and Premium (1) (1)
Capital Lease Obligations Various 49 2 47
------------ ---------- -----------
Exelon Generation Long-Term Debt $ 2,361 $ 1,251 $ 1,110
============ ========== ===========
Exelon Enterprises
Long-Term Debt By Issue
As of September 30, 2003
(in millions)
Interest Date Maturity Debt Current Long-Term
Series Rate Issued Date Outstanding Portion Debt
- -------------------------------------------------------------------------------------------------------------------------------
Notes - Exelon Thermal Technologies (Held for Sale)
- ---------------------------------------------------
Guaranteed Senior Notes 7.680% 06/25/99 06/30/23 $ 11 $ - $ 11
Guaranteed Senior Notes 9.090% 05/19/00 01/31/20 27 1 26
---------- -------- -----------
Total Notes - Exelon Thermal Technologies 38 1 37
---------- -------- -----------
Total Enterprises Long-Term Debt 38 1 37
---------- -------- -----------
Unamortized Debt Discount and Premium 1 - 1
Capital Lease Obligation 1 - 1
---------- -------- -----------
Enterprises Long-Term Debt $ 40 $ 1 $ 39
========== ======== ===========
