By Andrea Heisinger
New York, Aug. 3 - Public Service Electric & Gas Co. priced $250 million of 3.5% 10-year secured medium-term notes on Tuesday to yield Treasuries plus 62 basis points, a market source close to the sale said.
The notes were talked in the 65 bps area, plus or minus 5 bps, a source said in the morning, and priced in line with that price talk.
The notes (A2/A-/A) were sold at 99.748 to yield 3.53%. They have a make-whole call of Treasuries plus 10 bps.
Scotia Capital and Wells Fargo Securities LLC ran the books. Bank of America Merrill Lynch, J.P. Morgan Securities Inc. and RBS Securities Inc. were the co-managers.
Proceeds are being added to the company's general fund and used for general corporate purposes.
The utility is based in Newark, N.J.
| Issuer: | Public Service Electric & Gas Co.
|
| Issue: | Secured medium-term notes
|
| Amount: | $250 million
|
| Maturity: | Aug. 15, 2020
|
| Bookrunners: | Scotia Capital, Wells Fargo Securities LLC
|
| Co-managers: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc., RBS Securities Inc.
|
| Coupon: | 3.5%
|
| Price: | 99.748
|
| Yield: | 3.53%
|
| Spread: | Treasuries plus 62 bps
|
| Call: | Make-whole at Treasuries plus 10 bps
|
| Trade date: | Aug. 3
|
| Settlement date: | Aug. 6
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A
|
| Price talk: | 65 bps area, plus or minus 5 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
