Public Service Enterprise to repay term loan, CP program via proceeds

By Sarah Lizee

Olympia, Wash., Nov. 2 – Public Service Enterprise Group Inc. intends to repay in full its $500 million term loan and a portion of the debt under its commercial paper program using proceeds from an offering of senior notes due 2022, according to a 424B5 filing with the Securities and Exchange Commission.

The term loan matures on Nov. 13.

As of Sept. 30, the interest rate on the term loan was 2.11% per annum, and the company had $201.8 million outstanding under the commercial paper program.

The program has an average interest rate of 1.37% per annum and an average maturity of 18 days.

Public Service Enterprise Group is a Newark, N.J., holding company for public electric utility subsidiaries that include Public Service Electric and Gas Co. and PSEG Power LLC, among other subsidiaries.

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