By Cristal Cody
Tupelo, Miss., May 6 – Public Service Electric and Gas Co. priced $375 million of 2.7% 30-year secured medium-term notes (Aa3/AA/A+) on Wednesday at 99.592, according to an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 155 basis points area with guidance tightened to the 135 bps area, plus or minus 5 bps.
BofA Securities, Inc., Scotia Capital (USA) Inc., Credit Suisse Securities (USA) LLC and RBC Capital Markets LLC were the bookrunners.
Proceeds will be used to repay commercial paper.
PSE&G is a Newark, N.J.-based utility.
| Issuer: | Public Service Electric and Gas Co.
|
| Amount: | $375 million
|
| Description: | Series N secured medium-term notes
|
| Maturity: | May 1, 2050
|
| Bookrunners: | BofA Securities, Inc., Scotia Capital (USA) Inc., Credit Suisse Securities (USA) LLC and RBC Capital Markets LLC
|
| Co-manager: | Siebert Williams Shank & Co. LLC
|
| Coupon: | 2.7%
|
| Price: | 99.592
|
| Call features: | Make-whole call at Treasuries plus 20 bps
|
| Trade date: | May 6
|
| Settlement date: | May 8
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA
|
| Fitch: A+
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 135 bps area, plus or minus 5 bps; initial talk at Treasuries plus 155 bps area
|
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