A $40 million piece of Exelon Corp.'s Boston Generating project debt (Exelon Boston) was said to have traded in the low 70s last week. Following the trade, loan sources said the name was quoted in the 73-74 context. The loan has been ticking up over the last couple of weeks, trading out of the 63-64 range. The exact reason for the uptick could not be determined, but one trader said buyers were becoming more comfortable with the name.
There is approximately $1.25 billion under the Boston Generating credit facility. According to company filings, Exelon Generation announced last July that it would begin to transition out of its ownership of Boston Generation. The transition is expected to occur in 2004, but one trader said the company is still considering its options. Calls to Exelon officials were not returned by press time.