trending Market Intelligence /marketintelligence/en/news-insights/trending/ZcBacDF7_JB3ReFSeJYpzg2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

Puget Sound Energy launches cash tender offer

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August


Puget Sound Energy launches cash tender offer

Puget Sound EnergyInc. plans to repurchase $250 million worth of its series A, 6.974%notes under a cash tender offer announced May 10.

Holders of the enhanced junior subordinated notes, which aredue June 1, 2067, will receive $820 per every $1,000 principal note tendered untilmidnight ET on June 7. Those that tender their notes by 5 p.m. ET on May 23 willreceive an early bid consideration of $30, bringing the total to $850 per every$1,000 principal note tendered.

The notes will convert to a floating rate Dec. 1, 2017, and willoffer a coupon calculated as 253 basis points plus LIBOR. The rate will reset quarterly.

The company is also seeking noteholder approval to amend thejunior subordinated indenture which would eliminate the need for the company toonly use proceeds from the issue of equity to repurchase a portion of the noteson or before June 1, 2047.

Puget Sound Energy is also seeking approval from the holdersof its 6.274% senior notes due March 15, 2037, to terminate the replacement capitalcovenant which places restriction on the repurchase, redemption or repayment ofthe notes.