# EDGAR Filing Document

**Accession Number:** 0001168165
**File Stem:** 0001104659-23-023869
**Filing Date:** 2023-2
**Character Count:** 7381
**Document Hash:** 2e498fc00143914904844072ce0a2ced
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-023869.hdr.sgml**: 20230221

**ACCESSION NUMBER**: 0001104659-23-023869

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230221

**DATE AS OF CHANGE**: 20230221

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CONSTELLATION ENERGY GENERATION LLC
- **CENTRAL INDEX KEY:** 0001168165
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **IRS NUMBER:** 233064219

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-269826-01
- **FILM NUMBER:** 23649542

**BUSINESS ADDRESS:**
- **STREET 1:** 200 EXELON WAY
- **CITY:** KENNETT SQUARE
- **STATE:** PA
- **ZIP:** 19348-2473
- **BUSINESS PHONE:** 833-883-0162

**MAIL ADDRESS:**
- **STREET 1:** 200 EXELON WAY
- **CITY:** KENNETT SQUARE
- **STATE:** PA
- **ZIP:** 19348-2473

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EXELON GENERATION CO LLC
- **DATE OF NAME CHANGE:** 20020225
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CONSTELLATION ENERGY GENERATION LLC
- **CENTRAL INDEX KEY:** 0001168165
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **IRS NUMBER:** 233064219

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 200 EXELON WAY
- **CITY:** KENNETT SQUARE
- **STATE:** PA
- **ZIP:** 19348-2473
- **BUSINESS PHONE:** 833-883-0162

**MAIL ADDRESS:**
- **STREET 1:** 200 EXELON WAY
- **CITY:** KENNETT SQUARE
- **STATE:** PA
- **ZIP:** 19348-2473

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EXELON GENERATION CO LLC
- **DATE OF NAME CHANGE:** 20020225

**Filed pursuant to Rule 433**

**Registration No. 333-269826-01**

**Constellation Energy Generation, LLC**

**$750,000,000 5.600% Senior Notes Due 2028**

**$600,000,000 5.800% Senior Notes Due 2033**

**February 21, 2023**

**<u>Pricing Term Sheet</u>**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Issuer: | &nbsp;&nbsp;Constellation Energy Generation, LLC | &nbsp;&nbsp;Constellation Energy Generation, LLC |
| &nbsp;&nbsp;Expected Ratings: | &nbsp;&nbsp;Baa2 (Moody's) / BBB (S&P) | &nbsp;&nbsp;Baa2 (Moody's) / BBB (S&P) |
| &nbsp;&nbsp;Principal Amount: | &nbsp;&nbsp;$750000000 | &nbsp;&nbsp;$600000000 |
| &nbsp;&nbsp;Security Type: | &nbsp;&nbsp;Senior Notes | &nbsp;&nbsp;Senior Notes |
| &nbsp;&nbsp;Trade Date: | &nbsp;&nbsp;February 21, 2023 | &nbsp;&nbsp;February 21, 2023 |
| &nbsp;&nbsp;Settlement Date: | &nbsp;&nbsp;February 24, 2023 (T+3) | &nbsp;&nbsp;February 24, 2023 (T+3) |
| &nbsp;&nbsp;Coupon: | &nbsp;&nbsp;5.600% | &nbsp;&nbsp;5.800% |
| &nbsp;&nbsp;Maturity Date: | &nbsp;&nbsp;March 1, 2028 | &nbsp;&nbsp;March 1, 2033 |
| &nbsp;&nbsp;Interest Payment Dates: | &nbsp;&nbsp;Semi-annually on March 1 and September 1, commencing September 1, 2023 | &nbsp;&nbsp;Semi-annually on March 1 and September 1, commencing September 1, 2023 |
| &nbsp;&nbsp;Benchmark Treasury: | &nbsp;&nbsp;3.500% due January 31, 2028 | &nbsp;&nbsp;3.500% due February 15, 2033 |
| &nbsp;&nbsp;Benchmark Treasury Price and Yield: | &nbsp;&nbsp; 97-00 3/4 / 4.173% | &nbsp;&nbsp; 96-09+ / 3.953% |
| &nbsp;&nbsp;Spread to Benchmark Treasury: | &nbsp;&nbsp; +143 basis points | &nbsp;&nbsp; +185 basis points |
| &nbsp;&nbsp;Yield to Maturity: | &nbsp;&nbsp;5.603% | &nbsp;&nbsp;5.803% |
| &nbsp;&nbsp;Offering Price: | &nbsp;&nbsp;99.986% of Principal Amount | &nbsp;&nbsp;99.976% of Principal Amount |
| &nbsp;&nbsp; <br> Optional Redemption: | &nbsp;&nbsp; <br> At any time prior to February 1, 2028 (one month prior to the Maturity Date) (the "Par Call Date"), at a make whole price equal to the greater of: (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Senior Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Senior Notes to be redeemed, plus, in each case, accrued and unpaid interest thereon to the redemption date. | &nbsp;&nbsp; <br> Any time prior to December 1, 2032 (three months prior to the Maturity Date) (the "Par Call Date"), at a make whole price equal to the greater of: (1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Senior Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points less (b) interest accrued to the date of redemption, and (2) 100% of the principal amount of the Senior Notes to be redeemed, plus, in each case, accrued and unpaid interest thereon to the redemption date. |
| &nbsp;&nbsp;CUSIP/ISIN: | &nbsp;&nbsp;210385AB6 / US210385AB64 | &nbsp;&nbsp;210385AC4 / US210385AC48 |
| &nbsp;&nbsp; <br> Joint Bookrunners:<br>Senior Co-Managers:<br>Co-Manager: | &nbsp;&nbsp; <br> Barclays Capital Inc.<br> BNP Paribas Securities Corp.<br> Morgan Stanley & Co. LLC<br> Scotia Capital (USA) Inc.<br> SMBC Nikko Securities America, Inc.<br> Truist Securities, Inc. | &nbsp;&nbsp; <br> Barclays Capital Inc.<br> BNP Paribas Securities Corp.<br> Morgan Stanley & Co. LLC<br> Scotia Capital (USA) Inc.<br> SMBC Nikko Securities America, Inc.<br> Truist Securities, Inc. |
| &nbsp;&nbsp; <br> Joint Bookrunners:<br>Senior Co-Managers:<br>Co-Manager: | &nbsp;&nbsp; Huntington Securities, Inc.<br> M&T Securities, Inc.<br> Santander US Capital Markets LLC<br> Samuel A. Ramirez & Company, Inc.<br>| &nbsp;&nbsp; Huntington Securities, Inc.<br> M&T Securities, Inc.<br> Santander US Capital Markets LLC<br> Samuel A. Ramirez & Company, Inc.<br>|

---

**Filed pursuant to Rule 433**

**Registration No. 333-269826-01**

**\*\*We expect to deliver the bonds on or about February 24, 2023, which will be the third business day following the date of this term sheet ("T+3"). Under Rule 15c6-1 under the Exchange Act, trades in the secondary market generally are required to settle in two business days, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade bonds on the date of this term sheet will be required, by virtue of the fact that the bonds initially will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent failed settlement and should consult their own advisors.**

**The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Barclays Capital Inc. toll-free at 1-888-603-5847, BNP Paribas Securities Corp. toll-free at 1-800-854-5674, Morgan Stanley & Co. LLC toll-free at 1-866-718-1649 or Scotia Capital (USA) Inc. toll-free at 1-800-372-3930.**