By Aleesia Forni
Virginia Beach, Nov. 3 – Public Service Electric & Gas Co. sold $250 million of 4.15% secured medium-term notes, series K, due Nov. 1, 2045 on Tuesday at 115 basis points over Treasuries, according to a market source and an FWP filed with the Securities and Exchange Commission.
Pricing was at 99.898 to yield 4.156%.
The notes sold in line with guidance set in the 115 bps area over Treasuries and tighter than talk set in the Treasuries plus 125 bps to 130 bps range.
The bookrunners are Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC and Wells Fargo Securities LLC.
Proceeds will be used for general corporate purposes.
PSE&G is a Newark, N.J.-based utility.
| Issuer: | Public Service Electric & Gas Go.
|
| Amount: | $250 million
|
| Description: | Secured medium-term notes, series K
|
| Maturity: | Nov. 1, 2045
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, RBC Capital Markets LLC, Wells Fargo Securities LLC
|
| Co-managers: | Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., MFR Securities Inc.
|
| Coupon: | 4.15%
|
| Price: | 99.898
|
| Yield: | 4.156%
|
| Spread: | Treasuries plus 115 bps
|
| Make-whole call: | Treasuries plus 20 bps
|
| Trade date: | Nov. 3
|
| Settlement date: | Nov. 6
|
| Ratings: | Moody’s: Aa3
|
| Standard & Poor’s: A
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 115 bps area, Treasuries plus 125 bps to 130 bps
|
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