Exelon Corp.'sBoston Generating (Exelon Boston) bank debt ticked up even higher last week with the name quoted around the 80-82 range. No trades could be confirmed at those levels. A $40 million piece of the paper was said to have traded in the low 70s two weeks ago and traders said the name had been running up from the 63-64 range (LMW, 3/1).
Exelon Generation Co. and the lenders to Boston Generating's $1.25 billion credit facility have entered into a settlement that will transfer the ownership of the project companies that own Mystic 4-7, Mystic 8 and 9 and Fore River and the transfer of responsibility for plant operations and power marketing activities to a special purpose entity owned by the lenders, according to Exelon filings. But traders said the recent uptick in Exelon Boston paper was spurred on by a global settlement with Raytheon Co. This settlement resolves disputes related to the construction of the Mystic 8 and 9 and Fore River power plants. Robert Shapard, executive v.p. and cfo of Exelon Corp., did not return calls by press time.