By Aleesia Forni
Virginia Beach, Va., Sept. 9 - Public Service Electric & Gas Co. priced a $600 million two-part issue of secured medium-term notes, series I, due March 15, 2024 and Sept. 15, 2018, according to an informed source and two separate FWP filings with the Securities and Exchange Commission.
The company priced $350 million 2.3% five-year notes with a spread of Treasuries plus 60 basis points or 99.972.
There was also $250 million of 3.75% 10.5-year notes sold with a spread of Treasuries plus 85 bps or 99.991.
The bookrunners were BNY Mellon Capital Markets LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBC Capital Markets LLC and RBS Securities Inc.
CastleOak Securities, LP and Citigroup Global Markets Inc. were the co-managers.
Proceeds will be added to the company's general funds and used for general corporate purposes, including the repayment of short-term debt.
PSE&G is a Newark, N.J.-based utility.
| Issuer: | Public Service Electric and Gas Co.
|
| Issue: | Secured medium-term notes, Series I
|
| Amount: | $600 million
|
| Bookrunners: | BNY Mellon Capital Markets, LLC, Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, RBS Securities Inc.
|
| Co-managers: | RBC Capital Markets, LLC, CastleOak Securities, LP, Citigroup Global Markets Inc.
|
| Trade date: | Sept. 9
|
| Settlement date: | Sept. 12
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A
|
| Fitch: A+
|
|
|
| Five-year notes
|
| Amount: | $350 million
|
| Maturity: | Sept. 15, 2018
|
| Coupon: | 2.3%
|
| Price: | 99.972
|
| Spread: | Treasuries plus 60 bps
|
| Make-whole call: | Treasuries plus 10 bps
|
|
|
| 10.5-year notes
|
| Amount: | $250 million
|
| Maturity: | March 15, 2024
|
| Coupon: | 3.75%
|
| Price: | 99.991
|
| Spread: | Treasuries plus 85 bps
|
| Make-whole call: | Treasuries plus 15 bps
|
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