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Puget Sound Energy releases results of $250M tender offer, consent solicitation

Puget Sound Energy Inc. on March 19 released results of its previously announced cash tender offer to purchase $250 million of its 6.974% series A enhanced junior subordinated notes due June 2067, and consent solicitation for its 6.274% senior notes due March 2037.

As of 5 p.m. ET on March 16, noteholders had tendered approximately $193.4 million of the 6.974% 2067 notes, representing approximately 77.38% of the outstanding notes.

The Puget Holdings LLC subsidiary also received consents from holders of its 6.274% notes due 2037 to terminate the replacement capital covenant dated June 4, 2007, and Puget Sound Energy's obligations in connection with the 6.274% notes, according to a March 19 release.

The company said it has accepted for payment notes that were validly tendered by the early tender payment deadline. The company also accepted consents that were validly delivered prior to the covered note consent expiration.

Puget Sound Energy will make payments for both series of notes on March 20.

Holders who validly tendered their 2067 notes and delivered their consents prior to the early tender payment deadline and whose notes were accepted for purchase will receive the total consideration of $1,005 per $1,000 principal amount, including an early tender payment of $30 per $1,000.

Holders of the 2067 notes who validly tender their notes after the early tender payment deadline, but prior to the expiration date, will receive the tender offer consideration of $975 per $1,000 principal amount, plus any accrued and unpaid interest.

Holders of the 2037 notes who consente prior to the March 16 will receive $10 in cash per $1,000 in principal amount of the notes.

The tender offer will expire at 5:00 p.m. ET on April 2.

Barclays Capital is serving as the solicitation agent, while D.F. King & Co. Inc. is acting as tabulation agent for the consent solicitation.