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Infrastructure

Pepco Sells Shares Near Bottom (POM)

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By Douglas A. McIntyre Updated Published
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Money_stack_picPepco Holdings, Inc. (NYSE: POM) is doing fairly well considering the company raised more than $200 through a secondary offering priced at $16.50 per share for 14 million shares.

The underwriting group was rather large, which means that it may havemany analysts’ calls in a month or so.  Morgan Stanley, CreditSuisse, and J.P. Morgan were listed as the joint book running manager;and lead managers were Banc of America and Wachovia Capital Markets.

The company is selling the shares and it listed use of proceeds asbeing used to repay short-term debt.  Pepco Holdings also granted theunderwriters a 30-day over-allotment option for additional 2.1 millionshares.

Pepco delivers electricity and natural gas to about 1.9 millioncustomers in Delaware, the District of Columbia, Maryland, and NewJersey.

This offering has been on the heels of a large sell-off in this stockand in the electricity sector.  Shares are down 4% at $16.82 today,which is still above its $16.60 pricing.  Its 52-week trading range is$15.27 to $30.10.  Before this offering, the market cap was almost $3.4 billion.

Jon C. Ogg
November 6, 2008

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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