PSE&G to price 10-, 30-year secured medium-term notes in two parts

By Cristal Cody

Tupelo, Miss., May 2 – Public Service Electric & Gas Co. plans to price a two-part offering of series M secured medium-term notes (Baa1/BBB), according to 424B3 filings with the Securities and Exchange Commission on Wednesday.

The deal includes notes due May 1, 2028 and May 1, 2048.

BNP Paribas Securities Corp., BNY Mellon Capital Markets LLC, CIBC World Markets Corp., Citigroup Global Markets Inc., Drexel Hamilton, LLC, MFR Securities, Inc., Mizuho Securities USA LLC, RBC Capital Markets, LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and U.S. Bancorp Investments, Inc. are the underwriters.

The 10-year notes will have a make-whole call and are callable on or after Feb. 1, 2028 at par. The 30-year bonds will feature a make-whole call and are callable on or after Nov. 1, 2047 at par.

Proceeds from the deal will be used to repay debt from the company’s commercial paper program, which had about $480 million outstanding as of May 1. Remaining proceeds will be used for general corporate purposes.

PSE&G is a Newark, N.J.-based utility.

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