By Aleesia Forni
Virginia Beach, Aug. 6 – Public Service Electric & Gas Co. priced $500 million of secured medium-term notes (Aa3/A/A+), series J, in two parts, according to a market source and separate FWP filings with the Securities and Exchange Commission.
The sale included $250 million of 2% five-year notes priced at 99.796 to yield 2.043%, or Treasuries plus 40 basis points.
A second tranche was $250 million of 3.15% 10-year bonds sold at 99.821 to yield 3.171%, or Treasuries plus 70 bps.
Both tranches sold at the tight end of talk.
The bookrunners were Credit Suisse Securities (USA) LLC, RBS Securities Inc., RBC Capital Markets LLC and Wells Fargo Securities LLC.
Proceeds will be used for general corporate purposes.
PSE&G is a Newark, N.J.-based utility.
| Issuer: | Public Service Electric & Gas Co.
|
| Issue: | Secured medium-term notes, series J
|
| Amount: | $500 million
|
| Joint bookrunners: | Credit Suisse Securities (USA) LLC, RBS Securities Inc., RBC Capital Markets LLC, Wells Fargo Securities LLC
|
| Co-managers: | Mizuho Securities USA Inc., Scotia Capital (USA) Inc., Citigroup Global Markets Inc., the Williams Capital Group LP
|
| Trade date: | Aug. 6
|
| Settlement date: | Aug. 12
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: A
|
| Fitch: A+
|
| Distribution: | SEC-registered
|
|
|
| Five-year notes
|
| Amount: | $250 million
|
| Maturity: | Aug. 15, 2019
|
| Coupon: | 2%
|
| Price: | 99.796
|
| Yield: | 2.043%
|
| Spread: | Treasuries plus 40 bps
|
| Price talk: | Treasuries plus 40 bps to 45 bps
|
|
|
| 10-year notes
|
| Amount: | $250 million
|
| Maturity: | Aug. 15, 2024
|
| Coupon: | 3.15%
|
| Price: | 99.821
|
| Yield: | 3.171%
|
| Spread: | Treasuries plus 70 bps
|
| Price talk: | Treasuries plus 70 bps to 75 bps
|
|
|
|
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