By Devika Patel and Cristal Cody
Knoxville, Tenn., Aug. 17 – Public Service Electric & Gas Co. sold $425 million of 1.9% 10-year series N secured medium-term notes on Tuesday at a price of 99.756, according to a press release and an FWP filed with the Securities and Exchange Commission.
The notes priced with a spread of 68 basis points over Treasuries. Initial price talk was in the Treasuries plus 85 bps area, a market source noted.
BofA Securities, Inc., MUFG, CIBC World Markets Corp. and TD Securities (USA) LLC were the bookrunners.
Proceeds will be used for general corporate purposes.
PSE&G is a Newark-based utility.
| Issuer: | Public Service Electric & Gas Co.
|
| Amount: | $425 million
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| Description: | Senior notes
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| Maturity: | Aug. 15, 2031
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| Bookrunners: | BofA Securities, Inc., MUFG, CIBC World Markets Corp. and TD Securities (USA) LLC
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| Co-managers: | U.S. Bancorp Investments Inc. and MFR Securities Inc.
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| Coupon: | 1.9%
|
| Price: | 99.756
|
| Spread: | Treasuries plus 68 bps
|
| Call: | Make-whole call at Treasuries plus 15 bps until May 15, 2031, then a par call
|
| Pricing date: | Aug. 17
|
| Settlement date: | Aug. 19
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 85 bps area
|
| Cusip: | 74456QCH7
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