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Puget Sound Energy sells $450M of 3.25% notes

Puget Sound Energy Inc. has completed the sale of $450 million of its 3.25% senior notes due Sept. 15, 2049.

Interest on the notes is payable semiannually on March 15 and Sept. 15, beginning March 15, 2020. The notes have a spread to benchmark Treasury of 120 basis points and were expected to be rated A2 by Moody's, A- by S&P Global Ratings and A by Fitch Ratings, according to an Aug. 19 free writing prospectus.

The Puget Holdings LLC subsidiary said it plans to use net proceeds to pay down a portion of its outstanding commercial paper and for general corporate purposes. The company had $540 million in outstanding commercial paper as of June 30.

MUFG Securities Americas Inc., Scotia Capital (USA) Inc. and U.S. Bancorp Investments Inc. worked as joint book-running managers. CIBC World Markets Corp. and KeyBanc Capital Markets Inc. served as co-managers.