Pepco Holdings Announces Pricing of Common Stock Offering
Thursday, November 06, 2008
Pepco Holdings, Inc. (NYSE: POM) announced today that it priced an offering of 14 million shares of its common stock to be offered initially at a public offering price of $16.50 per share through a group of underwriters led by Morgan Stanley & Co. Inc., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities Inc. as joint book running managers. Joint lead managers for the offering are Banc of America Securities LLC and Wachovia Capital Markets, LLC. Net proceeds from this offering will be used to repay short-term debt. Pepco Holdings also has granted the underwriters a 30-day option to purchase an additional 2.1 million shares to cover any over-allotments. The offering of common stock is expected to close Nov. 12.
Pepco Holdings has filed a registration statement (including a prospectus and a preliminary prospectus supplement) with the Securities and Exchange Commission for the offering of the shares of common stock. This offering will be made only by means of a prospectus, including a prospectus supplement, forming a part of this registration statement. You may obtain a copy of the prospectus, when available, from Morgan Stanley & Co. Incorporated, 180 Varick Street 2/F, New York, NY 10014, prospectus@morganstanley.com, or toll-free at 1-866-718-1649; Credit Suisse Securities (USA) LLC toll-free at 1-800-221-1037; or J.P. Morgan Securities Inc. toll-free at 1- 866-430-0686.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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About PHI: Pepco Holdings, Inc., headquartered in Washington, D.C., delivers electricity and natural gas to about 1.9 million customers in Delaware, the District of Columbia, Maryland, and New Jersey, through its subsidiaries Pepco, Delmarva Power and Atlantic City Electric. PHI also provides competitive wholesale generation services through Conectiv Energy and retail energy products and services through Pepco Energy Services.
Forward-Looking Statements: Except for historical statements and discussions, the statements in this news release constitute "forward-looking statements" within the meaning of federal securities law. These statements contain management's beliefs based on information currently available to management and on various assumptions concerning future events. Forward-looking statements are not a guarantee of future performance or events. They are subject to a number of uncertainties and other factors, many of which are outside the company's control. Factors that could cause actual results to differ materially from those in the forward-looking statements herein include general economic, business and financing conditions; availability and cost of capital; changes in laws, regulations or regulatory policies; weather conditions; competition; governmental actions; and other presently unknown or unforeseen factors. These uncertainties and factors could cause actual results to differ materially from such statements. PHI disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results and prospects of PHI.
