Puget Sound Energy markets $450 million of notes with 30-year tenor

By Cristal Cody

Chicago, Sept. 8 – Puget Sound Energy, Inc. is reportedly in the market with a $450 million offering of 30-year notes, a market source reported.

The notes due Sept. 15, 2051 are being talked with a spread in the Treasuries plus 120 basis points area.

The notes have a make-whole call and a par call starting in 2051.

Barclays Capital Inc., J.P. Morgan Securities LLC and Wells Fargo Securities, LLC are leading the sale.

Mizuho Securities USA LLC is listed as a joint bookrunner and RBC Capital Markets, LLC and TD Securities (USA) LLC are co-managers.

Perkins Coie LLP is advising the issuer.

Proceeds will be used to pay down a portion of the company’s outstanding commercial paper and for general corporate purposes.

Puget Sound Energy is a Bellevue, Wash.-based electric utility company.

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