Puget Sound Energy Inc. announced the sale of $600 million of 4.223% senior unsecured notes due June 15, 2048, according to a June 4 free writing prospectus.
The Puget Holdings LLC subsidiary plans to use net proceeds to repay $200 million of its 6.47% notes, to pay down a portion of its outstanding commercial paper and for general corporate purposes.
Interest on the bonds is payable semiannually on June 15 and Dec. 15 of each year, starting Dec. 15. The bonds have a spread to benchmark Treasury of 113 basis points and were expected to be rated A2 by Moody's, A- by S&P Global Ratings and A by Fitch Ratings.
J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc., Mizuho Securities USA LLC, Barclays Capital Inc., Scotia Capital (USA) Inc. and Wells Fargo Securities LLC acted as joint book-running managers. RBC Capital Markets LLC and TD Securities (USA) LLC served as co-managers.
S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.
