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Published on 12/23/2020 in the Prospect News Investment Grade Daily and Prospect News Liability Management Daily.

PSEG Power to exchange $95.74 million 8.625% notes for new PSEG notes

By Taylor Fox

New York, Dec. 23 – Public Service Enterprise Group Inc. (PSEG) announced the final tender results of its private exchange offer on PSEG Power LLC’s 8.625% senior notes due 2031 (Cusip: 69362BAJ1), according to a news release.

As announced on Nov. 23, PSEG offered to issue new notes in exchange for any and all of the $500 million outstanding Power notes.

The offer expired at 11:59 p.m. ET Dec. 21.

As of Wednesday, PSEG completed the exchange offer for a total amount of $95,744,000, or 19.15%, of the Power notes, exchanged for PSEG notes.

As previously reported, at the 5 p.m. ET on Dec. 7 early tender deadline, $95,264,000, or 19.05%, of the notes were validly tendered and not withdrawn.

PSEG also previously increased the exchange consideration for Power notes validly tendered after the early tender deadline to $1,000 principal amount of the PSEG notes per $1,000 principal amount of Power notes from $970 principal amount of the PSEG notes per $1,000 principal amount of Power notes. PSEG also withdrew the consent solicitation.

As a result, notes tendered prior to the early tender deadline and following the early tender deadline will receive the same consideration.

Each eligible noteholder tendering Power notes in the exchange offer will receive newly issued PSEG notes having the same maturity dates and interest rate as the Power notes exchanged.

No accrued interest will be paid on the settlement date in respect of Power notes accepted for exchange.

The PSEG notes will be issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Global Bondholder Services Corp. (800 470-3800, 212 430-3774) is the information agent.

The energy supply company is based in Newark.


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