UPDATE: PSEG Power Sells 5-, 10-Year Debt Offering
September 14 2011 - 4:02PM
Dow Jones News
Public Service Enterprise Group (PEG) on Wednesday sold a $500
million two-part offering of senior unsecured notes.
The deal includes five- and 10-year notes and was sold via
active bookrunners Barclays Capital and Citigroup.
The five-year piece was sold with a 2.75% coupon at a price of
99.746 to yield 2.805% and had a risk premium of 190 basis points
over Treasurys.
The 10-year tranche was priced with a 4.15% coupon at a price of
99.911 to yield 4.161% and had a spread of 215 basis points over
Treasurys.
Proceeds will be used for general corporate purposes, which
could include the repayment of outstanding debt securities.
The deal has been rated Baa1 by Moody's Investors Service and
BBB by Standard & Poor's.
-By Kellie Geressy-Nilsen, Dow Jones Newswires; 212 416-2225;
kellie.geressy@dowjones.com
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