Chicago, May 15 – Puget Sound Energy, Inc. priced $400 million of 5.448% senior notes due 2053 (A2/A-/A) on Monday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 99.997 to yield 5.448%, or at Treasuries plus 160 basis points.
The notes will be secured by existing or to-be-issued first mortgage bonds.
Scotia Capital (USA) Inc., Barclays, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC are the joint bookrunners.
Proceeds will be allocated to eligible green projects in the areas of renewable energy, energy efficiency, clean transportation, biodiversity conservation, climate change adaptation, water and wastewater management, pollution prevention and control and green innovation.
Puget Sound Energy is a Bellevue, Wash.-based electric and gas utility.
| Issuer: | Puget Sound Energy, Inc.
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| Amount: | $400 million
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| Issue: | Senior notes
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| Maturity: | June 1, 2053
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| Bookrunners: | Scotia Capital (USA) Inc., Barclays, J.P. Morgan Securities LLC, RBC Capital Markets, LLC and TD Securities (USA) LLC
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| Sustainability agent: | Scotiabank
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| Trustee: | U.S. Bank NA
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| Counsel to issuer: | Perkins Coie LLP
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| Counsel to underwriters: | Hunton Andrews Kurth LLP
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| Coupon: | 5.448%
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| Price: | 99.997
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| Yield: | 5.448%
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| Spread: | Treasuries plus 160 bps
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| Call features: | Make-whole call at Treasuries plus 25 bps until Dec. 1, 2052; thereafter at par
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| Trade date: | May 15
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| Settlement date: | May 18
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| Ratings: | Moody’s: A2
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| S&P: A-
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| Fitch: A
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| Distribution: | SEC registered
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| Cusip: | 745332CL8
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