New issue: PSE&G prices $500 million secured notes in five-year, 30-year tranches

By Aleesia Forni

Virginia Beach, May 28 - Public Service Electric & Gas Co. sold $500 million of secured medium-term notes, series I, in tranches due 2019 and 2044, according to separate FWP filings with the Securities and Exchange Commission.

The sale included $250 million of 1.8% notes due June 1, 2019 priced at 99.819

PSE&G also priced a second tranche of $250 million 4% bonds due June 1, 2044, selling them at 99.051.

The joint bookrunners were, CIBC World Markets LLC, J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc.,

Proceeds will be used for general corporate purposes.

PSE&G is a Newark, N.J.-based utility.

Issuer:	Public Service Electric & Gas Co.
Issue:	Secured medium-term notes, series I
Amount:	$500 million
Joint bookrunners:	CIBC World Markets LLC, J.P. Morgan Securities LLC, Mitsubishi UFJ Securities (USA) Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc.,
Co-managers:	MFR Securities Inc., U.S. Bancorp Investments Inc., BNY Mellon Capital Markets LLC
Trade date:	May 28
Settlement date:	June 2
Distribution:	SEC-registered
Five-year notes
Amount:	$250 million
Maturity:	June 1, 2019
Coupon:	1.8%
Price:	99.819
Make-whole call: Treasuries plus 10 bps
Thirty-year bonds
Amount:	$250 million
Maturity:	June 1, 2044
Coupon:	4%
Price:	99.051
Make-whole call: Treasuries plus 15 bps

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