By Andrea Heisinger
New York, March 2 - Public Service Electric & Gas Co. priced $300 million of 5.5% 30-year secured medium-term notes on Tuesday to yield Treasuries plus 95 basis points, a source away from the sale said.
The notes (A2/A-/A) priced at 99.521 to yield 5.533%. They have a make-whole call at Treasuries plus 15 bps.
Bookrunners were BNP Paribas Securities Corp., J.P. Morgan Securities Inc. and RBS Securities Inc. Co-managers were CastleOak Securities LP and Mitsubishi UFJ Securities.
Proceeds will be added to the company's general funds and used for general corporate purposes, including funding the repayment at maturity of $300 million in floating-rate notes due March 12, 2010.
The utility company is based in Newark, N.J.
| Issuer: | Public Service Electric & Gas Co.
|
| Issue: | Secured medium-term notes
|
| Amount: | $300 million
|
| Maturity: | March 1, 2040
|
| Bookrunners: | BNP Paribas Securities Corp., J.P. Morgan Securities Inc., RBS Securities Inc.
|
| Co-managers: | CastleOak Securities LP, Mitsubishi UFJ Securities
|
| Coupon: | 5.5%
|
| Price: | 99.521
|
| Yield: | 5.533%
|
| Spread: | Treasuries plus 95 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Trade date: | March 2
|
| Settlement date: | March 8
|
| Ratings: | Moody's: A2
|
| Standard & Poor's: A-
|
| Fitch: A
|
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