PSEG to price dollar notes in five- and 10-year tranches

By Rebecca Melvin

New York, Aug. 12 – Public Service Enterprise Group Inc. is planning to price a two-part offering of dollar-denominated senior notes in tranches due 2025 and 2030, according to a 424B5 filed with the Securities and Exchange Commission.

The notes are callable at par plus a make-whole premium.

Barclays, Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, TD Securities (USA) LLC and Wells Fargo Securities LLC are the joint bookrunners of the transaction.

CIBC World Markets Corp., RBC Capital Markets Corp., Scotia Capital (USA) Inc., Credit Suisse Securities (USA) LLC and U.S. Bancorp Investments Inc. are the co-managers.

Proceeds from the sale of the notes will be used for general corporate purposes, including prepayment in full of $200 million principal amount of term loans outstanding under a term loan agreement dated April 6, 2020 and $300 million principal amount of term loans outstanding under a term loan agreement dated April 10, 2020.

As of July 31, the interest rate on the April 6 term loan was 1.67% and the interest rate on the April 10 term loan was 1.92%.

The energy supply company is based in Newark, N.J.

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