Debt and Credit Facilities

9 Months Ended

Sep. 30, 2016

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the nine months ended September 30, 2016:

PSE&G


•	issued $300 million of 1.90% Secured Medium-Term Notes, Series K due March 2021,


•	issued $550 million of 3.80% Secured Medium-Term Notes, Series K due March 2046,


•	issued $425 million of 2.25% Secured Medium-Term Notes, Series L due September 2026,


•	retired $171 million of 6.75% Secured First and Refunding Mortgage Bonds, Series VV at maturity, and


•	repurchased at par $100 million of Pollution Control Financing Authority of Salem County Bonds (Salem Bonds) and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds.

Power


•	issued $700 million of 3.00% Senior Notes due June 2021,


•	retired $303 million of 5.32% Senior Notes due September 2016 and


•	retired $250 million of 2.75% Senior Notes due September 2016.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of Power, primarily with cash and through the issuance of commercial paper. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities.

The commitments under PSEG’s $4.2 billion credit facilities are provided by a diverse bank group with no single institution representing more than 7% of the total commitments in PSEG’s credit facilities. As of September 30, 2016, PSEG’s total available credit capacity of $3.7 billion was in excess of its anticipated maximum liquidity requirements.

Each of PSEG’s credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs. PSEG’s total credit facilities and available liquidity as of September 30, 2016 were as follows:




	As of September 30, 2016
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facility	$	500	$	10	$	490	Apr 2019	Commercial Paper (CP) Support/Funding/Letters of Credit
5-year Credit Facility (A)	500		255		245		Apr 2020	CP Support/Funding/Letters of Credit
Total PSEG	$	1,000	$	265	$	735
PSE&G
5-year Credit Facility (B)	$	600	$	14	$	586	Apr 2020	CP Support/Funding/Letters of Credit
Total PSE&G	$	600	$	14	$	586
Power
5-year Credit Facility	$	1,600	$	194	$	1,406	Apr 2019	Funding/Letters of Credit
5-year Credit Facility (C)	953		11		942		Apr 2020	Funding/Letters of Credit
Total Power	$	2,553	$	205	$	2,348
Total	$	4,153	$	484	$	3,669


(A)	PSEG facility will be reduced by $12 million in March 2018.


(B)	PSE&G facility will be reduced by $14 million in March 2018.


(C)	Power facility will be reduced by $24 million in March 2018.


(D)	The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective CP Programs. As of September 30, 2016, PSEG had $255 million outstanding under its CP Program at a weighted average interest rate of 0.79%. As of September 30, 2016, PSE&G had no amounts outstanding under its CP Program.

PSE And G [Member]

Debt Instrument [Line Items]

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the nine months ended September 30, 2016:

PSE&G


•	issued $300 million of 1.90% Secured Medium-Term Notes, Series K due March 2021,


•	issued $550 million of 3.80% Secured Medium-Term Notes, Series K due March 2046,


•	issued $425 million of 2.25% Secured Medium-Term Notes, Series L due September 2026,


•	retired $171 million of 6.75% Secured First and Refunding Mortgage Bonds, Series VV at maturity, and


•	repurchased at par $100 million of Pollution Control Financing Authority of Salem County Bonds (Salem Bonds) and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds.

Power


•	issued $700 million of 3.00% Senior Notes due June 2021,


•	retired $303 million of 5.32% Senior Notes due September 2016 and


•	retired $250 million of 2.75% Senior Notes due September 2016.

Short-Term Liquidity




	As of September 30, 2016
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facility	$	500	$	10	$	490	Apr 2019	Commercial Paper (CP) Support/Funding/Letters of Credit
5-year Credit Facility (A)	500		255		245		Apr 2020	CP Support/Funding/Letters of Credit
Total PSEG	$	1,000	$	265	$	735
PSE&G
5-year Credit Facility (B)	$	600	$	14	$	586	Apr 2020	CP Support/Funding/Letters of Credit
Total PSE&G	$	600	$	14	$	586
Power
5-year Credit Facility	$	1,600	$	194	$	1,406	Apr 2019	Funding/Letters of Credit
5-year Credit Facility (C)	953		11		942		Apr 2020	Funding/Letters of Credit
Total Power	$	2,553	$	205	$	2,348
Total	$	4,153	$	484	$	3,669


(A)	PSEG facility will be reduced by $12 million in March 2018.


(B)	PSE&G facility will be reduced by $14 million in March 2018.


(C)	Power facility will be reduced by $24 million in March 2018.


(D)	The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective CP Programs. As of September 30, 2016, PSEG had $255 million outstanding under its CP Program at a weighted average interest rate of 0.79%. As of September 30, 2016, PSE&G had no amounts outstanding under its CP Program.

Power [Member]

Debt Instrument [Line Items]

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the nine months ended September 30, 2016:

PSE&G


•	issued $300 million of 1.90% Secured Medium-Term Notes, Series K due March 2021,


•	issued $550 million of 3.80% Secured Medium-Term Notes, Series K due March 2046,


•	issued $425 million of 2.25% Secured Medium-Term Notes, Series L due September 2026,


•	retired $171 million of 6.75% Secured First and Refunding Mortgage Bonds, Series VV at maturity, and


•	repurchased at par $100 million of Pollution Control Financing Authority of Salem County Bonds (Salem Bonds) and retired a like aggregate principal amount of its First and Refunding Mortgage Bonds which serviced and secured the Salem Bonds.

Power


•	issued $700 million of 3.00% Senior Notes due June 2021,


•	retired $303 million of 5.32% Senior Notes due September 2016 and


•	retired $250 million of 2.75% Senior Notes due September 2016.

Short-Term Liquidity




	As of September 30, 2016
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facility	$	500	$	10	$	490	Apr 2019	Commercial Paper (CP) Support/Funding/Letters of Credit
5-year Credit Facility (A)	500		255		245		Apr 2020	CP Support/Funding/Letters of Credit
Total PSEG	$	1,000	$	265	$	735
PSE&G
5-year Credit Facility (B)	$	600	$	14	$	586	Apr 2020	CP Support/Funding/Letters of Credit
Total PSE&G	$	600	$	14	$	586
Power
5-year Credit Facility	$	1,600	$	194	$	1,406	Apr 2019	Funding/Letters of Credit
5-year Credit Facility (C)	953		11		942		Apr 2020	Funding/Letters of Credit
Total Power	$	2,553	$	205	$	2,348
Total	$	4,153	$	484	$	3,669


(A)	PSEG facility will be reduced by $12 million in March 2018.


(B)	PSE&G facility will be reduced by $14 million in March 2018.


(C)	Power facility will be reduced by $24 million in March 2018.


(D)	The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective CP Programs. As of September 30, 2016, PSEG had $255 million outstanding under its CP Program at a weighted average interest rate of 0.79%. As of September 30, 2016, PSE&G had no amounts outstanding under its CP Program.