NEWARK, N.J., Sept. 8, 2021 /PRNewswire/ -- PSEG (NYSE: PEG)
announced today that it will redeem all remaining outstanding
Senior Notes of PSEG Power totaling approximately $1.35 billion. This includes $700 million in aggregate principal amount of
3.850% Senior Notes due 2023, $250
million in aggregate principal amount of 4.30% Senior Notes
due 2023, and approximately $404.3
million in aggregate principal amount of 8.625% Senior Notes
due 2031 on Oct. 8, 2021
(collectively, the "Notes"). Following redemption of the Notes,
PSEG Power will no longer have any bonds outstanding.
The Notes will be redeemed at a redemption price that includes a
"make-whole" premium estimated to be approximately $280 million to $340
million plus any interest accrued and unpaid to the
redemption date, in each case, calculated in accordance with the
indenture governing the Notes. Additional information concerning
the terms of the redemption are fully described in the Redemption
Notice distributed to the holders of the Notes by the Notes'
trustee, the Bank of New York Mellon Corp.
About PSEG
Public Service Enterprise Group Inc. (PSEG)
(NYSE: PEG) is a publicly traded diversified energy company with
approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating
subsidiaries are: Public Service Electric and Gas Co. (PSE&G),
PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company
included in the S&P 500 Index and has been named to the Dow
Jones Sustainability Index for North
America for 13 consecutive years
(https://corporate.pseg.com).
Forward-Looking Statement
The statements contained in this press release that are not purely
historical are "forward-looking statements" within the meaning of
The Private Securities Litigation Reform Act of 1995. Such
forward-looking statements are subject to risks and uncertainties,
which could cause actual results to differ materially from those
anticipated. Such risks and uncertainties include, but are not
limited to, the occurrence of any event, change, development,
occurrence or circumstance that could give rise to the termination
of the agreement described above or the inability to complete (or a
delay in the completion of) the proposed sale due to, among other
things, the failure to satisfy the conditions to the closing
therein, including that a regulatory authority or other third party
may prohibit, delay, impair or refuse to grant approval for or
consent to the consummation of the proposed transaction. Such
statements are based on management's beliefs as well as assumptions
made by and information currently available to management. Factors
that may cause actual results to differ materially from those
contemplated in any forward-looking statements made by us herein
are discussed in our Annual Report on Form 10-K and subsequent
reports on Form 10-Q and Form 8-K filed with the Securities and
Exchange Commission (SEC), and available on our
website: https://investor.pseg.com. All of the forward-looking
statements made in this press release are qualified by these
cautionary statements and we cannot assure you that the results or
developments anticipated by management will be realized or even if
realized, will have the expected consequences to, or effects on, us
or our business, prospects, financial condition, results of
operations or cash flows. Readers are cautioned not to place undue
reliance on these forward-looking statements in making any
investment decision. Forward-looking statements made in this press
release apply only as of the date hereof. While we may elect to
update forward-looking statements from time to time, we
specifically disclaim any obligation to do so, even in light of new
information or future events, unless otherwise required by
applicable securities laws.
Visit PSEG at:
www.pseg.com
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Twitter
PSEG on LinkedIn
PSEG Energize!
From time to time, PSEG, PSE&G and PSEG Power release
important information via postings on their corporate Investor
Relations website at https://investor.pseg.com.
Investors and other interested parties are encouraged to visit the
Investor Relations website to review new postings. You can sign up
for automatic email alerts regarding new postings at the bottom of
the webpage at https://investor.pseg.com.
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CONTACTS:
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Investor
Relations
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Media
Relations
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Carlotta
Chan
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Marijke
Shugrue
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973-430-6565
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908-531-4253
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Carlotta.Chan@pseg.com
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Marijke.Shugrue@pseg.com
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SOURCE PSEG