By Lisa Kerner
Charlotte, N.C., June 7 – PSEG Power LLC priced an upsized $700 million of 3% five-year senior notes (Baa1/BBB+/BBB+) at 99.819 to yield 3.039%, according to an FWP filed with the Securities and Exchange Commission.
As previously reported, the notes sold with a spread of 180 basis points over Treasuries and were talked at Treasuries plus 185 bps, plus or minus 5 bps.
The deal was upsized from $500 million.
The notes have a change-of-control put at 101%.
Barclays, Goldman Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.
PSEG Fossil LLC, PSEG Nuclear LLC and PSEG Energy Resources & Trade LLC will guarantee the notes.
Proceeds will be used for general corporate purposes.
The energy company is based in Newark, N.J.
| Issuer: | PSEG Power LLC
|
| Guarantors: | PSEG Fossil LLC, PSEG Nuclear LLC and PSEG Energy Resources & Trade LLC
|
| Amount: | $700 million
|
| Maturity: | June 15, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Barclays, Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
|
| Coupon: | 3%
|
| Price: | 99.819
|
| Yield: | 3.039%
|
| Spread: | Treasuries plus 180 bps
|
| Make-whole call: | Treasuries plus 30 bps through May 15, 2021, then callable at par
|
| Change-of-control put: | 101%
|
| Trade date: | June 6
|
| Settlement date: | June 9
|
| Ratings: | Moody’s: Baa1
|
| S&P: BBB+
|
| Fitch: BBB+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 185 bps, plus or minus 5 bps
|
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