Oncor Electric Delivery Company’s $450 Million Notes Offering

Hunton Andrews Kurth advised the initial purchasers on the deal.

Oncor Electric Delivery Company LLC (“Oncor”) completed a sale of $450 million aggregate principal amount of its 0.55% Senior Secured Notes due 2025 (the “2025 Notes”). Oncor intends to use the proceeds (net of the initial purchasers’ discount, fees and expenses) of approximately $443 million from the sale of the 2025 Notes to finance or refinance, in whole or in part, eligible projects consisting of investments in or expenditures with minority- and women-owned business suppliers pursuant to the Oncor Sustainable Bond Framework. Prior to the allocation of the full amount of the net proceeds to Oncor’s spend on eligible projects, any unallocated portions of the net proceeds may be temporarily invested in cash, cash equivalents and/or U.S. government securities in accordance with Oncor’s cash management policies or used to repay certain other indebtedness, or both.

Oncor Electric Delivery Company LLC transmits and distributes electricity. The Company provides meter installation, repairing, electricity line construction, and saving as well as safety education programs. Oncor Electric Delivery serves customers in the State of Texas.

Barclays Capital Inc., MUFG Securities Americas Inc., PNC Capital Markets LLC and Wells Fargo Securities, LLC acted as representatives of the Initial Purchasers.

The Hunton Andrews Kurth team included Michael Fitzpatrick (Picture), Adam O’Brian, Patrick Jamieson and Shelby Stanton. Robert McNamara and Tim Strother provided tax advice.

Involved fees earner: Michael Fitzpatrick Jr. – Hunton Andrew Kurth; Patrick Jamieson – Hunton Andrew Kurth; Robert McNamara – Hunton Andrew Kurth; Adam O’Brian – Hunton Andrew Kurth; Shelby Stanton – Hunton Andrew Kurth; Tim Strother – Hunton Andrew Kurth;

Law Firms: Hunton Andrew Kurth;

Clients: Barclays Capital ; MUFG Securities Americas Inc. ; PNC Capital Markets LLC; Wells Fargo Securities;


Author: Ambrogio Visconti