Exelon Corporation - Rule 24-CERT - Certificate Concerning Terms and Conditions
Date Filed: 5/30/2001
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
In the Matter of CERTIFICATE
Exelon Corporation OF
File No. 70-9693 NOTIFICATION
Public Utility Holding Company Act of 1935 (PUHCA)
Exelon Corporation, a Pennsylvania corporation and registered holding
company (Exelon), hereby submits the following Certificate of Notification
pursuant to Rule 24. This filing is made pursuant to Exelon's Form U-1
Application-Declaration, as amended (the "Financing U-1") and the Securities and
Exchange Commission's orders dated November 2, 2000 and December 8, 2000. This
certificate reports activity in File No. 70-9693 for the period January 1, 2001
through March 31, 2001. Any capitalized terms used herein but not defined herein
have the respective meanings given in the Financing U-1 or the Commission's
Orders.
1. As determined pursuant to the December 8, 2000 Order, the Modified Rule 53
Test applicable to Exelon's investments in EWGs and FUCOs is $4,000.0
million. At March 31, 2001, Exelon's "aggregate investment" (as defined in
rule 53(a) under PUHCA) in all EWGs and FUCOs was approximately $770.0
million, and accordingly, at March 31, 2001, Exelon's remaining investment
capacity under the Modified Rule 53 Test was approximately $3,230.0
million. At March 31, 2001, Exelon's "consolidated retained earnings" (as
defined in rule 53(a) under the PUHCA) was approximately $570.0 million.
2. Pursuant to a request for confidential treatment under rule 104(b) of
PUHCA, Exelon is concurrently filing in paper format as Exhibit A, certain
information concerning the aggregate investment by EWG/FUCO Project.
3. At March 31, 2001, Exelon's consolidated capitalization ratio was: debt
65%, common equity 32%, and preferred securities of subsidiaries of 3%.
(For these purposes, "consolidated debt" means all long-term debt,
long-term debt due within one year, notes payable and other short-term
obligations, including any short-term debt and non-recourse debt of
EWG/FUCO Projects, to the extent normally consolidated under applicable
financial reporting rules).
4. At March 31, 2001, the market-to-book ratio of Exelon's common stock was
2.86.
5. In the first quarter of 2001, Exelon did not invest or commit to invest in
an EWG or FUCO that would count against the Modified Rule 53 Test.
6. Pursuant to a request for confidential treatment under rule 104(b) of
PUHCA, Exelon is concurrently filing in paper format as Exhibit A, certain
information concerning aggregate investment by EWG and FUCO Project and
related growth in retained earnings.
7. Pursuant to a request for confidential treatment under rule 104(b) of
PUHCA, Exelon is concurrently filing in paper format as Exhibit A, certain
information concerning aggregate investment by EWG/FUCO Project, net income
and revenues of Exelon's EWG and FUCO Projects.
8. Sale of any Common Stock or Preferred Securities issued by Exelon during
the first quarter of 2001, and the purchase price per share and the market
price per share at the date of the agreement of sale.
During the first quarter of 2001, 1,082,019 stock options were
exercised and shares were issued under various employee compensation
plans with a price range of $57.01 to $68.10 per share. The average
price for the period was $64.56.
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Exelon Corporation - Rule 24-CERT - Certificate Concerning Terms and Conditions
Date Filed: 5/30/2001
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During that period, 466,600 shares were also issued to certain
officers as part of their compensation at $67.88 per share.
9. Options issued or issuable during quarter.
Exelon granted 539,700 stock options in the first quarter of 2001 at
exercise prices ranging from $58.70 to $67.90 per share.
10. Exelon did not transfer any common stock to a seller of securities of a
company being acquired during the first quarter of 2001.
11. Guarantees issued.
The following guarantees were issued during the first quarter of 2001:
Name of Parent
Purpose Name of Subsidiary Amount Terms
------- ------------------ ------ -----
Exelon Exelon Enterprises $ 95,180,872 12 Months
Insurance Support
Exelon Exelon Generation Company $ 91,000,000 12 Months
Decommissioning
Exelon Exelon Generation Company $ 22,189,127 12 Months
Credit Support
Exelon Exelon Generation Company $ 899,000 12 Months
Closure / Post-closure Care
Exelon AmerGen Energy Company $ 133,000 12 Months
Closure / Post-closure Care
12. Exelon indebtedness issued during the first quarter of 2001.
A. Commercial paper issued through Chase Manhattan Bank on behalf of
Exelon during the first quarter, ranging from $30 million to $130
million at an average interest rate of 6.178%.
13. Amount and terms of any short-term debt issued by any Utility Subsidiary
during the first quarter of 2001.
A. Commercial paper issued through Bank One on behalf of PECO during the
first quarter, ranging from $0 to $465 million, at an average interest
rate of 5.88%.
B. Contributions to and Loans From the Utility Money Pool
Contributions to the Utility Money Pool
Outstanding Amounts
Date ComEd PECO Total
---------------- -------------------- -------------------- --------------------
01/01/01 $ 400,000,000 - $ 400,000,000
01/02/01 $ 400,000,000 - $ 400,000,000
01/03/01 $ 400,000,000 - $ 400,000,000
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Exelon Corporation - Rule 24-CERT - Certificate Concerning Terms and Conditions
Date Filed: 5/30/2001
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01/04/01 $ 400,000,000 - $ 400,000,000
01/05/01 $ 400,000,000 - $ 400,000,000
01/06/01 $ 400,000,000 - $ 400,000,000
01/07/01 $ 400,000,000 - $ 400,000,000
01/08/01 $ 400,000,000 - $ 400,000,000
01/09/01 $ 400,000,000 - $ 400,000,000
01/10/01 $ 400,000,000 - $ 400,000,000
01/11/01 $ 400,000,000 - $ 400,000,000
01/12/01 $ 400,000,000 - $ 400,000,000
01/13/01 $ 400,000,000 - $ 400,000,000
01/14/01 $ 400,000,000 - $ 400,000,000
01/15/01 $ 400,000,000 - $ 400,000,000
01/16/01 $ 400,000,000 - $ 400,000,000
01/17/01 $ 400,000,000 - $ 400,000,000
01/18/01 $ 400,000,000 - $ 400,000,000
01/19/01 $ 400,000,000 - $ 400,000,000
01/20/01 $ 400,000,000 - $ 400,000,000
01/21/01 $ 400,000,000 - $ 400,000,000
01/22/01 $ 400,000,000 - $ 400,000,000
01/23/01 $ 400,000,000 - $ 400,000,000
01/24/01 $ 400,000,000 - $ 400,000,000
01/25/01 $ 400,000,000 - $ 400,000,000
01/26/01 $ 400,000,000 - $ 400,000,000
01/27/01 $ 400,000,000 - $ 400,000,000
01/28/01 $ 400,000,000 - $ 400,000,000
01/29/01 $ 400,000,000 - $ 400,000,000
01/30/01 $ 400,000,000 - $ 400,000,000
01/31/01 $ 400,000,000 - $ 400,000,000
02/01/01 $ 400,000,000 - $ 400,000,000
02/02/01 $ 400,000,000 - $ 400,000,000
02/03/01 $ 400,000,000 - $ 400,000,000
02/04/01 $ 400,000,000 - $ 400,000,000
02/05/01 $ 400,000,000 - $ 400,000,000
02/06/01 $ 400,000,000 - $ 400,000,000
02/07/01 $ 400,000,000 - $ 400,000,000
02/08/01 $ 400,000,000 - $ 400,000,000
02/09/01 $ 400,000,000 - $ 400,000,000
02/10/01 $ 400,000,000 - $ 400,000,000
02/11/01 $ 400,000,000 - $ 400,000,000
02/12/01 $ 400,000,000 - $ 400,000,000
02/13/01 $ 400,000,000 - $ 400,000,000
02/14/01 $ 400,000,000 - $ 400,000,000
02/15/01 $ 400,000,000 - $ 400,000,000
02/16/01 $ 400,000,000 - $ 400,000,000
02/17/01 $ 400,000,000 - $ 400,000,000
02/18/01 $ 400,000,000 - $ 400,000,000
02/19/01 $ 400,000,000 - $ 400,000,000
02/20/01 $ 400,000,000 - $ 400,000,000
02/21/01 $ 400,000,000 - $ 400,000,000
02/22/01 $ 400,000,000 - $ 400,000,000
02/23/01 $ 400,000,000 - $ 400,000,000
02/24/01 $ 400,000,000 - $ 400,000,000
02/25/01 $ 400,000,000 - $ 400,000,000
02/26/01 $ 400,000,000 - $ 400,000,000
02/27/01 $ 400,000,000 - $ 400,000,000
02/28/01 $ 400,000,000 - $ 400,000,000
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Exelon Corporation - Rule 24-CERT - Certificate Concerning Terms and Conditions
Date Filed: 5/30/2001
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03/01/01 $ 400,000,000 - $ 400,000,000
03/02/01 $ 400,000,000 - $ 400,000,000
03/03/01 $ 400,000,000 - $ 400,000,000
03/04/01 $ 400,000,000 - $ 400,000,000
03/05/01 $ 400,000,000 - $ 400,000,000
03/06/01 $ 400,000,000 - $ 400,000,000
03/07/01 $ 400,000,000 - $ 400,000,000
03/08/01 $ 400,000,000 - $ 400,000,000
03/09/01 $ 400,000,000 - $ 400,000,000
03/10/01 $ 400,000,000 - $ 400,000,000
03/11/01 $ 400,000,000 - $ 400,000,000
03/12/01 $ 247,000,000 - $ 247,000,000
03/13/01 $ 247,000,000 - $ 247,000,000
03/14/01 $ 247,000,000 - $ 247,000,000
03/15/01 $ 247,000,000 - $ 247,000,000
03/16/01 $ 247,000,000 - $ 247,000,000
03/17/01 $ 247,000,000 - $ 247,000,000
03/18/01 $ 247,000,000 - $ 247,000,000
03/19/01 $ 247,000,000 - $ 247,000,000
03/20/01 $ 247,000,000 - $ 247,000,000
03/21/01 $ 247,000,000 - $ 247,000,000
03/22/01 $ 247,000,000 - $ 247,000,000
03/23/01 $ 247,000,000 - $ 247,000,000
03/24/01 $ 247,000,000 - $ 247,000,000
03/25/01 $ 247,000,000 - $ 247,000,000
03/26/01 $ 247,000,000 - $ 247,000,000
03/27/01 $ 247,000,000 - $ 247,000,000
03/28/01 $ 247,000,000 - $ 247,000,000
03/29/01 $ 252,000,000 - $ 252,000,000
03/30/01 $ 352,000,000 - $ 352,000,000
03/31/01 $ 352,000,000 - $ 352,000,000
Loans from Utility Money Pool
Outstanding Amounts
Date ComEd PECO Total
---------------- -------------------- -------------------- --------------------
01/01/01 - $ 400,000,000 $ 400,000,000
01/02/01 - $ 400,000,000 $ 400,000,000
01/03/01 - $ 400,000,000 $ 400,000,000
01/04/01 - $ 400,000,000 $ 400,000,000
01/05/01 - $ 400,000,000 $ 400,000,000
01/06/01 - $ 400,000,000 $ 400,000,000
01/07/01 - $ 400,000,000 $ 400,000,000
01/08/01 - $ 400,000,000 $ 400,000,000
01/09/01 - $ 400,000,000 $ 400,000,000
01/10/01 - $ 400,000,000 $ 400,000,000
01/11/01 - $ 400,000,000 $ 400,000,000
01/12/01 - $ 400,000,000 $ 400,000,000
01/13/01 - $ 400,000,000 $ 400,000,000
01/14/01 - $ 400,000,000 $ 400,000,000
01/15/01 - $ 400,000,000 $ 400,000,000
01/16/01 - $ 400,000,000 $ 400,000,000
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Exelon Corporation - Rule 24-CERT - Certificate Concerning Terms and Conditions
Date Filed: 5/30/2001
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01/17/01 - $ 400,000,000 $ 400,000,000
01/18/01 - $ 400,000,000 $ 400,000,000
01/19/01 - $ 400,000,000 $ 400,000,000
01/20/01 - $ 400,000,000 $ 400,000,000
01/21/01 - $ 400,000,000 $ 400,000,000
01/22/01 - $ 400,000,000 $ 400,000,000
01/23/01 - $ 400,000,000 $ 400,000,000
01/24/01 - $ 400,000,000 $ 400,000,000
01/25/01 - $ 400,000,000 $ 400,000,000
01/26/01 - $ 400,000,000 $ 400,000,000
01/27/01 - $ 400,000,000 $ 400,000,000
01/28/01 - $ 400,000,000 $ 400,000,000
01/29/01 - $ 400,000,000 $ 400,000,000
01/30/01 - $ 400,000,000 $ 400,000,000
01/31/01 - $ 400,000,000 $ 400,000,000
02/01/01 - $ 400,000,000 $ 400,000,000
02/02/01 - $ 400,000,000 $ 400,000,000
02/03/01 - $ 400,000,000 $ 400,000,000
02/04/01 - $ 400,000,000 $ 400,000,000
02/05/01 - $ 400,000,000 $ 400,000,000
02/06/01 - $ 400,000,000 $ 400,000,000
02/07/01 - $ 400,000,000 $ 400,000,000
02/08/01 - $ 400,000,000 $ 400,000,000
02/09/01 - $ 400,000,000 $ 400,000,000
02/10/01 - $ 400,000,000 $ 400,000,000
02/11/01 - $ 400,000,000 $ 400,000,000
02/12/01 - $ 400,000,000 $ 400,000,000
02/13/01 - $ 400,000,000 $ 400,000,000
02/14/01 - $ 400,000,000 $ 400,000,000
02/15/01 - $ 400,000,000 $ 400,000,000
02/16/01 - $ 400,000,000 $ 400,000,000
02/17/01 - $ 400,000,000 $ 400,000,000
02/18/01 - $ 400,000,000 $ 400,000,000
02/19/01 - $ 400,000,000 $ 400,000,000
02/20/01 - $ 400,000,000 $ 400,000,000
02/21/01 - $ 400,000,000 $ 400,000,000
02/22/01 - $ 400,000,000 $ 400,000,000
02/23/01 - $ 400,000,000 $ 400,000,000
02/24/01 - $ 400,000,000 $ 400,000,000
02/25/01 - $ 400,000,000 $ 400,000,000
02/26/01 - $ 400,000,000 $ 400,000,000
02/27/01 - $ 400,000,000 $ 400,000,000
02/28/01 - $ 400,000,000 $ 400,000,000
03/01/01 - $ 400,000,000 $ 400,000,000
03/02/01 - $ 400,000,000 $ 400,000,000
03/03/01 - $ 400,000,000 $ 400,000,000
03/04/01 - $ 400,000,000 $ 400,000,000
03/05/01 - $ 400,000,000 $ 400,000,000
03/06/01 - $ 400,000,000 $ 400,000,000
03/07/01 - $ 400,000,000 $ 400,000,000
03/08/01 - $ 400,000,000 $ 400,000,000
03/09/01 - $ 400,000,000 $ 400,000,000
03/10/01 - $ 400,000,000 $ 400,000,000
03/11/01 - $ 400,000,000 $ 400,000,000
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Exelon Corporation - Rule 24-CERT - Certificate Concerning Terms and Conditions
Date Filed: 5/30/2001
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03/12/01 - $ 247,000,000 $ 247,000,000
03/13/01 - $ 247,000,000 $ 247,000,000
03/14/01 - $ 247,000,000 $ 247,000,000
03/15/01 - $ 247,000,000 $ 247,000,000
03/16/01 - $ 247,000,000 $ 247,000,000
03/17/01 - $ 247,000,000 $ 247,000,000
03/18/01 - $ 247,000,000 $ 247,000,000
03/19/01 - $ 247,000,000 $ 247,000,000
03/20/01 - $ 247,000,000 $ 247,000,000
03/21/01 - $ 247,000,000 $ 247,000,000
03/22/01 - $ 247,000,000 $ 247,000,000
03/23/01 - $ 247,000,000 $ 247,000,000
03/24/01 - $ 247,000,000 $ 247,000,000
03/25/01 - $ 247,000,000 $ 247,000,000
03/26/01 - $ 247,000,000 $ 247,000,000
03/27/01 - $ 247,000,000 $ 247,000,000
03/28/01 - $ 247,000,000 $ 247,000,000
03/29/01 - $ 252,000,000 $ 252,000,000
03/30/01 - $ 352,000,000 $ 352,000,000
03/31/01 - $ 352,000,000 $ 352,000,000
Interest Rates for Utility Money Pool
Date Interest Rate
---------------- --------------------
01/01/01 6.49%
01/02/01 6.49%
01/03/01 6.50%
01/04/01 6.41%
01/05/01 6.32%
01/06/01 6.32%
01/07/01 6.32%
01/08/01 6.32%
01/09/01 6.31%
01/10/01 6.31%
01/11/01 6.30%
01/12/01 6.26%
01/13/01 6.26%
01/14/01 6.26%
01/15/01 6.26%
01/16/01 6.26%
01/17/01 6.20%
01/18/01 6.15%
01/19/01 6.17%
01/20/01 6.17%
01/21/01 6.17%
01/22/01 6.13%
01/23/01 6.07%
01/24/01 6.05%
01/25/01 6.07%
01/26/01 6.02%
01/27/01 6.02%
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Exelon Corporation - Rule 24-CERT - Certificate Concerning Terms and Conditions
Date Filed: 5/30/2001
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01/28/01 6.02%
01/29/01 6.02%
01/30/01 6.01%
01/31/01 6.00%
02/01/01 5.91%
02/02/01 5.83%
02/03/01 5.83%
02/04/01 5.83%
02/05/01 5.79%
02/06/01 5.77%
02/07/01 5.79%
02/08/01 5.77%
02/09/01 5.74%
02/10/01 5.74%
02/11/01 5.74%
02/12/01 5.73%
02/13/01 5.69%
02/14/01 5.68%
02/15/01 5.70%
02/16/01 5.66%
02/17/01 5.66%
02/18/01 5.66%
02/19/01 5.66%
02/20/01 5.68%
02/21/01 5.66%
02/22/01 5.65%
02/23/01 5.64%
02/24/01 5.64%
02/25/01 5.64%
02/26/01 5.62%
02/27/01 5.61%
02/28/01 5.60%
03/01/01 5.58%
03/02/01 5.57%
03/03/01 5.57%
03/04/01 5.57%
03/05/01 5.59%
03/06/01 5.53%
03/07/01 5.49%
03/08/01 5.48%
03/09/01 5.48%
03/10/01 5.48%
03/11/01 5.48%
03/12/01 5.49%
03/13/01 5.47%
03/14/01 5.44%
03/15/01 5.45%
03/16/01 5.41%
03/17/01 5.41%
03/18/01 5.41%
03/19/01 5.40%
03/20/01 5.32%
03/21/01 5.29%
03/22/01 5.25%
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Exelon Corporation - Rule 24-CERT - Certificate Concerning Terms and Conditions
Date Filed: 5/30/2001
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03/23/01 5.21%
03/24/01 5.21%
03/25/01 5.21%
03/26/01 5.22%
03/27/01 5.21%
03/28/01 5.21%
03/29/01 5.23%
03/30/01 5.26%
03/31/01 5.26%
14. During the first quarter of 2001, no financings were consummated by any
Non-Utility Subsidiary not exempt under Rule 52.
15. Notional amount and principal terms of any hedge instruments or
anticipatory hedges entered into the first quarter of 2001 and parties
thereto.
During the first quarter of 2001, Exelon entered into forward starting
interest rate swap arrangements in order to hedge interest rate
exposure on a proposed debt offering in the second quarter of 2001.
The interest rate swaps are forward starting on or before June 30,
2001 and exchange three-month LIBOR for the fixed bid rate.
16. The name, parent company and amount invested in any intermediate subsidiary
or financing subsidiary during the first quarter of 2001 and the amount and
terms of any securities issued by such subsidiaries during the quarter.
Parent Company Subsidiary Company Total Amount
-------------- ------------------ ------------
Exelon Infrastructure Services, Inc. P.A.C.E. Field Services, LLC $ 57,558
Exelon Infrastructure Services, Inc. Electric Services, Inc. $ 96,111
Exelon Infrastructure Services, Inc. MJ Electric, Inc. $ 111,790
Exelon Infrastructure Services, Inc. Blair Park Services, Inc. $ 32,560,587 (a)
Exelon Enterprises Company, LLC Exelon Infrastructure Services, Inc. $ 29,713,365 (b)
(a) The $32,560,587 includes $29,713,365 of cash and $2,847,222 of Exelon
Infrastructure Services, Inc. stock (225,970 shares) issued to the
previous owners of Blair Park Services, Inc.
(b) Exelon Infrastructure Services, Inc. issued 2,358,203 shares of its
stock at a total price of $29,713,365 to Exelon Enterprises Company,
LLC.
17. A list of U-6B-2 forms filed with the Commission during the first quarter
of 2001, including the name of the filing entity and the date of filing.
None.
18. The consolidated and separate balance sheets of each company that engaged
in jurisdictional financing transactions during the first quarter of 2001.
Exelon, PECO and ComEd Balance Sheets are incorporated herein by
reference to the quarterly reports on Form 10-Q for Exelon, PECO and
ComEd for the period ended March 31, 2001.
19. Capital Structure of Exelon and its utility subsidiaries as of March 31,
2001 are as follows (in millions, except percentage data):
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Exelon Corporation - Rule 24-CERT - Certificate Concerning Terms and Conditions
Date Filed: 5/30/2001
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1
Debt Common Equity Preferred Securities of Subsidiaries
Amount Percentage Amount Percentage Amount Percentage
------ ---------- ------ ---------- ------ ----------
Exelon $15,294 65% $7,357 32% $630 3%
1 Preferred Stock and Mandatorily Redeemable
Debt Common Equity Preferred Stock of a Subsidiary
Amount Percentage Amount Percentage Amount Percentage
------ ---------- ------ ---------- ------ ----------
PECO $6,560 94% $150 2% $302 4%
ComEd $7,149 57% $4,952 40% $335 3%
1 see definition under Item 3.
20. The consolidated retained earnings analyses of Exelon, PECO and ComEd are
attached as Exhibit B.
21. Registration statements filed under the Securities Act of 1933 with respect
to securities that are the subject of the Financing U-1, incorporated by
reference into this Certificate of Notification.
Exelon registered a $1.5 billion shelf registration during the first
quarter of 2001 for general corporate purposes. Form S-3 Registration
Statement, filed March 27, 2001, Registration No. 333-57640.
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Exelon Corporation - Rule 24-CERT - Certificate Concerning Terms and Conditions
Date Filed: 5/30/2001
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S I G N A T U R E
Pursuant to the requirements of PUHCA, the undersigned company has duly
caused this document to be signed on its behalf by the undersigned thereunto
duly authorized.
Date: May 30, 2001
EXELON CORPORATION
By: /s/ Jean H. Gibson
----------------------
Vice President and Controller
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Exelon Corporation - Rule 24-CERT - Certificate Concerning Terms and Conditions
Date Filed: 5/30/2001
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Exhibit B
Page 1 of 1
Exelon Corporation and Subsidiary Companies
Retained Earnings Analysis
For the Quarter Ended March 31, 2001
(In millions)
Beginning Balance $332
Net Income 399
Dividends:
Common Stock (176)
Tax benefit on stock options exercised 15
----
Ending Balance $570
====
PECO Energy Company and Subsidiary Companies
Retained Earnings Analysis
For the Quarter Ended March 31, 2001
(In millions)
Beginning Balance $197
Net Income 122
Dividends:
Common Stock (45)
Preferred Stock (2)
----
Ending Balance $272
====
Commonwealth Edison and Subsidiary Companies
Retained Earnings Analysis
For the Quarter Ended March 31, 2001
(In millions)
Beginning Balance $133
Net Income 146
Dividends:
Common Stock (63)
----
Ending Balance $216
====
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