By Aleesia Forni
Virginia Beach, Nov. 4 – Public Service Electric & Gas Co. sold $250 million of 3.05% 10-year secured medium-term notes, series J, (Aa3/A/A+) at 99.52 with a spread of Treasuries plus 78 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Pricing was at the tight end of price talk.
The bookrunners were Barclays and Goldman Sachs & Co.
Proceeds will be used for general corporate purposes.
PSE&G is a Newark, N.J.-based utility.
| Issuer: | Public Service Electric & Gas Co.
|
| Amount: | $250 million
|
| Description: | Secured medium-term notes, series J
|
| Maturity: | Nov. 15, 2024
|
| Bookrunners: | Barclays, Goldman Sachs & Co.
|
| Co-managers: | Loop Capital Markets LLC, Credit Agricole Securities (USA) Inc.
|
| Coupon: | 3.05%
|
| Price: | 99.52
|
| Spread: | Treasuries plus 78 bps
|
| Make-whole call: | Treasuries plus 12.5 bps
|
| Trade date: | Nov. 4
|
| Settlement date: | Nov. 7
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor's: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 80 bps area
|
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