PSEG to redeem $1.35 billion PSEG Power notes due 2023, 2031

By Marisa Wong

Los Angeles, Sept. 8 – Public Service Enterprise Group Inc. (PSEG) announced it will redeem all remaining outstanding senior notes of operating subsidiary PSEG Power totaling about $1.35 billion.

This includes $700 million of 3.85% senior notes due 2023, $250 million of 4.3% senior notes due 2023 and about $404.3 million of 8.625% senior notes due 2031, according to a press release.

The notes will be redeemed on Oct. 8 at a redemption price that includes a make-whole premium estimated to be $280 million to $340 million, plus any interest accrued to the redemption date.

Following redemption, PSEG Power will no longer have any bonds outstanding.

The Bank of New York Mellon Corp. is the trustee.

The energy company is based in Newark, N.J.

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