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Public Service Electric and Gas offers medium-term notes in two parts
By Devika Patel
Knoxville, Tenn., Jan. 7 – Public Service Electric and Gas Co. intends to price a two-tranche offering of secured medium-term notes, series N, due Jan. 15, 2030 and secured medium-term notes, series N, due Jan. 1, 2050, according to 424B3 filings with the Securities and Exchange Commission.
The 2030 notes feature a make-whole call until Oct. 15, 2029 and then a par call.
The 2050 notes feature a make-whole call until July 1, 2049 and then a par call.
The notes will price and settle in January.
Academy Securities, Inc., BNP Paribas Securities Corp., BNY Mellon Capital Markets LLC, CastleOak Securities LP, Citigroup Global Markets Inc., Mizuho Securities USA Inc., PNC Capital Markets LLC and TD Securities (USA) LLC are the bookrunners for the 2030 notes.
Academy Securities, BNY Mellon Capital Markets, CastleOak Securities, Citigroup, Mizuho Securities, PNC Capital Markets and TD Securities are the bookrunners for the 2050 notes.
Proceeds will be used to repay commercial paper.
The Newark, N.J.-based company transmits electricity in New Jersey and is a subsidiary of PSE&G, a Newark-based utility.
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