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Public Service Enterprise Group 8-K Report, Corporate Update (Mar 27, 2024)

Reports
Other Events·Exhibits & Filings
Filing Date
Filed March 27, 2024
Period End
March 25, 2024
Security
PEG
In the record · 2016–202610-K1110-Q338-K149

PEG filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 149 current reports (8-K) between 2016 and 2026.

  1. Impairment8-K · Oct ’16Oct ’16
  2. Impairment8-K · Jun ’19Jun ’19
  3. Leadership change8-K · Jul ’22Jul ’22
  4. Leadership change8-K · Apr ’26Apr ’26

01—Abstract

Summary

Summary of the 8-K filed March 27, 2024. Cited figures are marked; the original filing is the authoritative source.

Public Service Enterprise Group Incorporated (PSEG) completed a public offering on March 27, 2024 of two series of senior notes: $750,000,000a aggregate principal amount of 5.200% Senior Notes due 2029 and $500,000,000 aggregate principal amount of 5.450% Senior Notes due 2034.

The notes were sold under a Form S-3 registration statement (File No. 333-275509), the related prospectus dated November 13, 2023, and a prospectus supplement dated March 25, 2024. PSEG sold the notes to underwriters under an underwriting agreement dated March 25, 2024 with Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC acting as representatives.

Both series are governed by an indenture dated November 1, 1998 with U.S. Bank Trust Company, National Association, as successor trustee. The filing is primarily a disclosure of the financing terms and related legal documentation, and it does not report operating results or other financial metrics. For investors, the filing confirms that PSEG raised a total of $1.25 billionb in senior unsecured debt across two maturities, with the 2029 notes carrying a 5.200% coupon and the 2034 notes carrying a 5.450% coupon.

The filing also includes a legality opinion from John C. Walmsley, Associate Counsel of PSEG Services Corporation, and lists the underwriting agreement, indenture and note forms as exhibits.

02—Key points

Key Highlights

  1. PSEG completed a public offering on March 27, 2024 of $1.25 billion in aggregate senior notes across two series.
  2. $750,000,000 of 5.200% Senior Notes due 2029 were sold.
  3. $500,000,000 of 5.450% Senior Notes due 2034 were sold.
  4. The notes were issued under a Form S-3 registration statement (File No. 333-275509), a prospectus dated November 13, 2023, and a prospectus supplement dated March 25, 2024.
  5. The underwriting agreement dated March 25, 2024 names Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC as representatives of the underwriters.
  6. Both series are governed by a 1998 indenture with U.S. Bank Trust Company, National Association, as successor trustee.
  7. The filing includes a legality opinion from John C. Walmsley, Associate Counsel of PSEG Services Corporation.

03—Questions

Frequently Asked Questions

  1. How much debt did PSEG issue in this offering?

    PSEG issued $750,000,000 of 2029 notes and $500,000,000 of 2034 notes, for a total aggregate principal amount of $1.25 billion.

  2. What are the interest rates and maturities of the new notes?

    The 2029 notes carry a 5.200% rate and mature in 2029. The 2034 notes carry a 5.450% rate and mature in 2034.

  3. Under what registration and documentation were the notes sold?

    The notes were sold under a Form S-3 registration statement (File No. 333-275509), the related prospectus dated November 13, 2023, and a prospectus supplement dated March 25, 2024, pursuant to an underwriting agreement dated March 25, 2024.

  4. Who is the trustee and governing indenture for the notes?

    Each series is governed by an indenture dated November 1, 1998 between PSEG and U.S. Bank Trust Company, National Association, as successor trustee.

  5. Who underwrote the offering?

    The underwriters' representatives are Barclays Capital Inc., BofA Securities, Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC, acting for the several underwriters named in the underwriting agreement.

04—Continue

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