Public Service Electric & Gas launches $350 million offering of 30-year notes tighter than talk

By Andrea Heisinger

New York, Sept. 10 - Public Service Electric & Gas Co. has launched a $350 million offering of medium-term secured notes, series H, due Sept. 1, 2042, according to a filing with the Securities and Exchange Commission and a market source.

The notes (A1/A-/) were being talk in the 95 basis points area and launched tighter than that at 85 bps. There will be a make-whole call option until March 1, 2042 and a par call after that date.

Bookrunners are Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBS Securities Inc.

Co-managers are BNY Mellon Capital Markets LLC, CastleOak Securities LP and Credit Agricole Securities (USA) Inc.

Proceeds will be added to the company's general funds to be used for general corporate purposes.

The utility is based in Newark, N.J.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.