By Andrea Heisinger
New York, Nov. 24 - Public Service Electric & Gas Co. priced an upsized $275 million of 6.33% five-year medium-term notes Monday to yield Treasuries plus 412.5 basis points, a market source said.
The size was increased from $250 million.
The notes (A3/A-/) priced at 99.969 to yield 6.339%. They have a make-whole call of Treasuries plus 50 bps.
Agents were Banc of America Securities LLC, Mizuho Securities, UBS Investment Bank, Wedbush Morgan Securities and the Williams Capital Group.
Proceeds will be added to the company's general funds to reduce short-term commercial paper debt.
The utility is based in Newark, N.J.
| Issuer: | Public Service Electric & Gas Co.
|
| Issue: | Medium-term notes
|
| Amount: | $275 million, increased from $250 million
|
| Maturity: | Nov. 1, 2013
|
| Agents: | Banc of America Securities LLC, Mizuho Securities, UBS Investment Bank, Wedbush Morgan Securities, Williams Capital Group
|
| Coupon: | 6.33%
|
| Price: | 99.969
|
| Yield: | 6.339%
|
| Spread: | Treasuries plus 412.5 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Nov. 24
|
| Settlement date: | Dec. 2
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
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