By Aleesia Forni
Virginia Beach, Nov. 5 - PSEG Power LLC sold on Tuesday $500 million of senior notes in two tranches, according to a market source and two separate FWP filings with the Securities and Exchange Commission.
The deal included $250 million of 2.45% senior notes due 2018 priced at Treasuries plus 110 basis points, or 99.85 to yield 2.482%.
A second tranche was $250 million of 4.3% 10-year notes priced at 165 bps over Treasuries.
The notes sold at 99.943 to yield 4.307%.
Barclays, BNP Paribas Securities Corp., Goldman Sachs & Co., Mizuho Securities USA Inc. and Wells Fargo Securities LLC were the joint bookrunners.
Credit Agricole Securities (USA) Inc., TD Securities (USA) LLC and Drexel Hamilton LLC were the co-managers.
PSEG Fossil LLC, PSEG Nuclear LLC and PSEG Energy Resources & Trade LLC will guarantee the notes.
The energy supply company is based in Newark, N.J.
| Issuer: | PSEG Power LLC
|
| Guarantors: | PSEG Fossil LLC, PSEG Nuclear LLC, PSEG Energy Resources & Trade LLC
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Joint bookrunners: | Barclays, BNP Paribas Securities Corp., Goldman Sachs & Co., Mizuho Securities USA Inc., Wells Fargo Securities LLC
|
| Co-managers: | Credit Agricole Securities (USA) Inc., TD Securities (USA) LLC, Drexel Hamilton LLC
|
| Trade date: | Nov. 5
|
| Settlement date: | Nov. 8
|
|
|
| Notes due 2018
|
| Amount: | $250 million
|
| Maturity: | Nov. 15, 2018
|
| Coupon: | 2.45%
|
| Price: | 99.85
|
| Yield: | 2.482%
|
| Spread: | Treasuries plus 110 bps
|
| Make-whole call: | Treasuries plus 20 bps
|
|
|
| Notes due 2023
|
| Amount: | $250 million
|
| Maturity: | Nov. 15, 2023
|
| Coupon: | 4.3%
|
| Price: | 99.943
|
| Yield: | 4.307%
|
| Spread: | Treasuries plus 165 bps
|
| Make-whole call: | Treasuries plus 25 bps
|
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