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PSEG Power sells $700M of 3.85% notes

PSEG Power LLC sold $700 million of 3.85% senior unsecured notes due June 1, 2023, at a price to public of 99.947% of their principal amount.

The Public Service Enterprise Group Inc. subsidiary will use the net proceeds for general corporate purposes.

Interest on the bonds is payable semiannually on June 1 and Dec. 1 of each year, starting Dec. 1. The bonds have a spread to benchmark Treasury of 108 basis points and were rated Baa1 by Moody's and BBB+ by S&P Global Ratings.

Barclays Capital Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC acted as joint book-running managers. Merrill Lynch Pierce Fenner & Smith Inc., PNC Capital Markets LLC, Wells Fargo Securities LLC and the Williams Capital Group LP served as co-managers.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.