Public Service Electric & Gas to offer 10-, 30-year secured notes

By Marisa Wong

Los Angeles, Aug. 3 – Public Service Electric & Gas Co. intends to price series P secured medium-term notes due Aug. 1, 2033 and Aug. 1, 2053, according to separate 424B3 filings with the Securities and Exchange Commission.

The notes will feature a make-whole call and then a par call. The par call date will be three months prior to the maturity date for the 10-year tranche and six months prior to maturity for the 30-year tranche.

AmeriVet Securities, Inc., BNY Mellon Capital Markets LLC, CIBC World Markets Corp., MFR Securities, Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and Wells Fargo Securities, LLC are the underwriters.

Proceeds from the concurrent offerings will be used to repay at maturity the company’s $325 million of 3.25% series M secured notes due Sept. 1, 2023. Remaining proceeds will be used for general corporate purposes.

PSE&G is a Newark-based utility.

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