By Cristal Cody
Tupelo, Miss., Aug. 4 – Public Service Electric and Gas Co. priced $375 million of 2.05% 30-year secured medium-term notes (Aa3/A) on Tuesday at 99.201 and a spread of Treasuries plus 90 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 115 bps area.
CIBC World Markets Corp., J.P. Morgan Securities LLC and MUFG were the bookrunners.
Proceeds will be used to repay at maturity the company’s $250 million 3.5% secured medium-term notes, series G. Remaining proceeds will be used for general corporate purposes.
Public Service Electric and Gas is a Newark, N.J.-based electric utility and a subsidiary of PSE&G.
| Issuer: | Public Service Electric and Gas Co.
|
| Amount: | $375 million
|
| Description: | Series N secured medium-term notes
|
| Maturity: | Aug. 1, 2050
|
| Bookrunners: | CIBC World Markets Corp., J.P. Morgan Securities LLC and MUFG
|
| Co-manager: | Loop Capital Markets LLC
|
| Coupon: | 2.05%
|
| Price: | 99.201
|
| Spread: | Treasuries plus 90 bps
|
| Call features: | Make-whole call at Treasuries plus 15 bps before Feb. 1, 2050; thereafter at par
|
| Trade date: | Aug. 4
|
| Settlement date: | Aug. 6
|
| Ratings: | Moody’s: Aa3
|
| S&P: A
|
| Distribution: | SEC registered
|
| Price guidance: | Treasuries plus 115 bps area
|
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