New Issue: PSE&G prices $500 million 2.375% 10-year secured notes at 99.681

By Andrea Heisinger

New York, May 7 - Public Service Electric & Gas Co. sold $500 million of 2.375% 10-year secured medium-term notes, series I, (A1/A-/A+) on Tuesday at 99.681, according to an FWP filing with the Securities and Exchange Commission.

There is a make-whole call at 10 bps over Treasuries until Feb. 15, 2023 and a par call after that date.

Bookrunners were BNP Paribas Securities Corp., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc. and Scotia Capital (USA) Inc.

Proceeds will be added to the company's general funds and used for general corporate purposes.

The Newark, N.J.-based utility was last in the U.S. bond market with a $400 million sale of 30-year bonds on Jan. 7.

Issuer:	Public Service Electric & Gas Co.
Issue:	Secured medium-term notes, series I
Amount:	$500 million
Maturity:	May 15, 2023
Bookrunners:	BNP Paribas Securities Corp., CIBC World Markets Corp., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., Scotia Capital (USA) Inc.
Co-managers:	CIBC World Markets Corp., Credit Agricole Securities (USA) Inc., Loop Capital Markets LLC
Coupon:	2.375%
Price:	99.681
Call:	Make-whole at Treasuries plus 10 bps to Feb. 15, 2023, par call after
Trade date:	May 7
Settlement date:	May 10
Ratings:	Moody's: A1
	Standard & Poor's: A-
	Fitch: A+

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