PSEG and PSE&G modify credit agreements

Chicago, March 9 – Public Service Electric & Gas Co. announced a series of term loan transactions on Wednesday.

PSEG Power LLC entered on Wednesday into a new three-year $1.25 billion term loan agreement, which has been fully drawn, according to an 8-K filing with the Securities and Exchange Commission..

On Tuesday, Public Service Enterprise Group Inc. extended its credit facilities. Namely, the group and PSEG Power amended, consolidated and restated four existing revolving credit agreements with a total borrowing capacity of $3.4 billion into a single revolving credit agreement.

The newly formed single revolver matures March 8, 2027 and provides for $2.75 billion of borrowing capacity. Of that $2.75 billion, the group has a sublimit of $1.5 billion and PSEG Power has a sublimit of $1.25 billion. The sublimits may be changed, provided that they do not exceed the $2.75 billion capacity.

The group’s sublimit includes a sustainability-linked pricing mechanism based on achieving targeted reductions of methane emissions.

Also on Tuesday, Public Service Electric & Gas extended its now $1 billion revolver through March 8, 2027. Previously, the revolver was sized at $600 million.

PSE&G is a Newark-based utility.

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