By Cristal Cody
Tupelo, Miss., May 2 – Public Service Electric & Gas Co. priced $425 million of 3% 10-year series L secured medium-term notes with a spread of 73 basis points over Treasuries, according to a market source on Tuesday.
The notes (Aa3/A/A-) priced on the tight side of guidance in the Treasuries plus 75 bps area, plus or minus 2 bps.
BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Mizuho Securities USA Inc., Scotia Capital (USA) Inc. and Williams Capital Group LP were the bookrunners.
The notes have a make-whole call until Feb. 15, 2027 and then a par call, according to a 424B3 filed with the Securities and Exchange Commission on Tuesday.
Proceeds will be used for general corporate purposes.
PSE&G is a Newark, N.J.-based utility.
| Issuer: | Public Service Electric & Gas Co.
|
| Amount: | $425 million
|
| Description: | Secured medium-term notes
|
| Maturity: | May 15, 2027
|
| Bookrunners: | BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Mizuho Securities USA Inc., Scotia Capital (USA) Inc. and Williams Capital Group LP
|
| Coupon: | 3%
|
| Spread: | Treasuries plus 73 bps
|
| Call features: | Make-whole call until Feb. 15, 2027, then par call
|
| Trade date: | May 2
|
| Ratings: | Moody’s: Aa3
|
| S&P: A
|
| Fitch: A-
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 75 bps area, plus or minus 2 bps
|
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