New Issue: Public Service Electric and Gas sells $450 million 3.95% 30-year notes at 99.357

By Sheri Kasprzak

New York, May 7 - Public Service Electric and Gas Co. sold $450 million of series H medium-term secured notes, according to a 424B5 filing with the Securities and Exchange Commission.

The notes (A1/A-/A) were sold through underwriters BNP Paribas Securities Corp., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, U.S. Bancorp Investments Inc. and Loop Capital Markets LLC.

The notes are due May 1, 2042, and bear interest at 3.95% priced at 99.357.

The notes are callable beginning Nov. 1, 2041 at par plus accrued interest. There also is a make-whole call prior to Nov. 1, 2041 at 15 basis points over Treasuries.

Proceeds will be used for general corporate purposes.

Issuer:	Public Service Electric and Gas Co.
Securities:	Series H medium-term secured notes
Amount:	$450 million
Maturity:	May 1, 2042
Underwriters:	BNP Paribas Securities Corp., Mitsubishi UFJ Securities (USA) Inc., Mizuho Securities USA Inc., RBC Capital Markets LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC, U.S. Bancorp Investments Inc. and Loop Capital Markets LLC
Coupon:	3.95%
Price:	99.357
Call:	At par plus accrued interest beginning Nov. 1, 2041 until maturity
Make-whole call:	15 bps over Treasuries until Nov. 1, 2041
Trade date:	May 7
Settlement date:	May 11
Ratings:	Moody's: A1
	Standard & Poor's: A-
	Fitch: A
Cusip:	74456QAZ9

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