By Cristal Cody
Eureka Springs, Ark., Sept. 7 – Public Service Electric & Gas Co. sold $425 million of 2.25% 10-year secured medium-term notes, series L, at 99.671 to yield 75 basis points over Treasuries on Wednesday, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes (Aa3/BBB+/A-) were talked to price in the Treasuries plus 75 bps to 80 bps range.
Credit Suisse Securities (USA) LLC, MUFG, Wells Fargo Securities LLC, BNY Mellon Capital Markets LLC and Mizuho Securities USA Inc. were the lead managers.
Proceeds will be used for general corporate purposes.
PSE&G is a Newark, N.J.-based utility.
| Issuer: | Public Service Electric & Gas Co.
|
| Amount: | $425 million
|
| Description: | Secured medium-term notes
|
| Maturity: | Sept. 15, 2026
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, MUFG, Wells Fargo Securities LLC, BNY Mellon Capital Markets LLC, Mizuho Securities USA Inc.
|
| Co-manager: | CastleOak Securities, LP
|
| Coupon: | 2.25%
|
| Price: | 99.671
|
| Spread: | Treasuries plus 75 bps
|
| Make-whole call: | Treasuries plus 15 bps
|
| Trade date: | Sept. 7
|
| Settlement date: | Sept. 13
|
| Ratings: | Moody’s: Aa3
|
| S&P: BBB+
|
| Fitch: A-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 75 bps-80 bps
|
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