By Rebecca Melvin
Concord, N.H., March 9 – Public Service Electric & Gas Co. priced $500 million 3.1% 10-year series P secured medium-term notes as a green bond on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The notes priced at 99.812. They have a make-whole call followed by a three-month par call.
Joint bookrunners are BofA Securities Inc., BNP Paribas Securities Corp., MUFG, BNY Mellon Capital Markets LLC, RBC Capital Markets LLC and U.S. Bancorp Investments Inc.
BofA was also the sustainability structuring agent.
Proceeds will be used to finance or refinance new or existing eligible green projects.
PSE&G is a Newark-based utility.
| Issuer: | Public Service Electric & Gas Co.
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| Amount: | $500 million
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| Issue: | Series P secured medium-term notes (green bond)
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| Maturity: | March 15, 2032
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| Bookrunners: | BofA Securities Inc., BNP Paribas Securities Corp., MUFG, BNY Mellon Capital Markets LLC, RBC Capital Markets LLC and U.S. Bancorp Investments Inc.
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| Co-managers: | Academy Securities Inc. and MFR Securities Inc.
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| Coupon: | 3.1%
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| Price: | 99.812
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| Call features: | Make-whole call at Treasuries plus 20 bps
|
| Trade date: | March 9
|
| Settlement date: | March 11
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| Distribution: | SEC registered
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| Cusip: | 74456QCJ3
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