By Andrea Heisinger
Omaha, April 10 - Public Service Electric & Gas Co. priced $400 million of 5.3% 10-year secured medium-term notes Thursday to yield Treasuries plus 178 basis points, a market source said.
The notes (A3/A-) priced at 99.92 to yield 5.31%. The notes have a make-whole redemption option of Treasuries plus 30 bps.
Bookrunners were RBS Greenwich Capital, Scotia Capital and BNP Paribas.
Proceeds will be added to the company's general funds and used to reduce short-term commercial paper.
The utility is based in Newark, N.J.
| Issuer: | Public Service Electric & Gas Co.
|
| Issue: | Secured medium-term notes
|
| Amount: | $400 million
|
| Maturity: | May 1, 2018
|
| Bookrunners: | RBS Greenwich Capital, Scotia Capital, BNP Paribas
|
| Coupon: | 5.3%
|
| Price: | 99.92
|
| Yield: | 5.31%
|
| Spread: | Treasuries plus 178 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | April 10
|
| Settlement date: | April 17
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: A-
|
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