By Aleesia Forni and Andrea Heisinger
New York, Jan. 7 - Public Service Electric & Gas Co. sold $400 million of 3.8% 30-year secured medium-term notes on Monday at a spread of Treasuries plus 75 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A1/A-/A+) were priced at 99.363. There is a make-whole call at Treasuries plus 12.5 bps.
Barclays, Goldman Sachs & Co., RBC Capital Markets LLC and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be added to the general funds of PSE&G and will be used for general corporate purposes.
The utility is based in Newark, N.J.
| Issuer: | Public Service Electric & Gas Co.
|
| Issue: | Secured medium-term notes
|
| Amount: | $400 million
|
| Maturity: | Jan. 1, 2043
|
| Bookrunners: | Barclays, Goldman Sachs & Co., RBC Capital Markets LLC, Wells Fargo Securities LLC
|
| Co-managers: | Mizuho Securities (USA) Inc., TD Securities (USA) LLC, U.S. Bancorp Investments Inc., Williams Capital Group LP
|
| Coupon: | 3.8%
|
| Price: | 99.363
|
| Spread: | Treasuries plus 75 bps
|
| Call: | Make-whole at Treasuries plus 12.5 bps
|
| Trade date: | Jan. 7
|
| Settlement date: | Jan. 11
|
| Ratings: | Moody's: A1
|
| Standard & Poor's: A-
|
| Fitch: A+
|
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