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Public Service Electric and Gas sells $400M of notes to repay debt

Public Service Electric and Gas Co. on Aug. 12 completed a public offering of $400 million of its 3.20% secured medium-term notes, series M, due Aug. 1, 2049. Interest on the notes is payable Feb. 1 and Aug. 1, beginning Feb. 1, 2020.

The Public Service Enterprise Group Inc. subsidiary plans to use a portion of net proceeds to repay all indebtedness outstanding under its commercial paper program. As of July 31, the utility had $163.5 million of indebtedness outstanding under its commercial paper program.

The remaining net proceeds, along with cash on hand, will be used to repay at maturity the $250 million aggregate principal amount of the company's 2.0% secured medium-term notes, series J, due Aug. 15, together with accrued and unpaid interest.

MUFG Securities Americas Inc., Scotia Capital (USA) Inc. and Wells Fargo Securities LLC served as joint book-running managers. BofA Securities Inc., CIBC World Markets Corp., RBC Capital Markets LLC, Loop Capital Markets LLC and MFR Securities Inc. served as co-managers.