(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange On Which Registered | ||
Public Service Enterprise Group Incorporated |
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Public Service Electric and Gas Company |
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Item 8.01 |
Other Events |
• | As previously disclosed, in October 2021 PSEG Power redeemed its remaining outstanding long-term debt. On March 9, 2022, PSEG Power entered into a three-year, unsecured $1.25 billion Term Loan Agreement, which has been fully drawn. |
• | Consistent with its past financing practice, PSEG continues to maintain sizeable credit facilities to support its financial and liquidity profile, and PSEG has recently extended its credit facilities. On March 8, 2022, each of PSEG and its subsidiary, PSEG Power LLC (PSEG Power), amended, consolidated and restated, four existing unsecured revolving credit agreements, providing for loans and letters of credit, with total unsecured borrowing capacity of $3.4 billion into a single revolving credit agreement (Master Credit Facility). The Master Credit Facility extends the maturity of the existing credit agreements through March 8, 2027 and provides for $2.75 billion of unsecured borrowing capacity, with an initial PSEG sub-limit of $1.5 billion and an initial PSEG Power sub-limit of $1.25 billion. The Master Credit Facility permits adjustments of the initial sub-limits, provided that the PSEG sub-limit, and the aggregate borrowings of PSEG and PSEG Power under the Master Credit Facility, may not exceed $2.75 billion, and the PSEG Power sub-limit may not exceed $1.75 billion. The PSEG sub-limit includes a sustainability linked pricing mechanism based on achieving targeted reductions of methane emissions. These credit agreement modifications and consolidations follow the close of the sale of the 6,750 megawatt PSEG Fossil portfolio and are another step in the simplification of PSEG’s business model and balance sheet. |
• | Similarly, on March 8, 2022, PSE&G amended its existing $600 million revolving credit agreement, providing for loans and letters of credit. The amended credit agreement extends the maturity of the existing credit agreement through March 8, 2027 and provides for $1.0 billion of unsecured borrowing capacity. |
PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED | ||
(Registrant) | ||
By: | /s/ Rose M. Chernick | |
ROSE M. CHERNICK | ||
Vice President and Controller | ||
(Principal Accounting Officer) |
PUBLIC SERVICE ELECTRIC AND GAS COMPANY | ||
(Registrant) | ||
By: | /s/ Rose M. Chernick | |
ROSE M. CHERNICK | ||
Vice President and Controller | ||
(Principal Accounting Officer) |