Debt and Credit Facilities

9 Months Ended

Sep. 30, 2017

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the nine months ended September 30, 2017:

PSEG


•	entered into an agreement for a new term loan maturing June 2019. The term loan has a balance of $700 million at an interest rate of 1 month LIBOR + 0.80% and can be terminated at any time without penalty.

PSE&G


•	issued $425 million of 3.00% Secured Medium-Term Notes, Series L due May 2027.

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.

In March 2017, PSEG, Power and PSE&G amended their credit agreements, extending the expiration dates to March 2022. Concurrently, PSEG increased its existing $1 billion in credit facilities to $1.5 billion and Power decreased its existing $2.6 billion in credit facilities to $2.1 billion, which includes two new 3-year $100 million letter of credit facilities that expire in March 2020.

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of September 30, 2017, the total available credit capacity was $3.8 billion.

As of September 30, 2017, no single institution represented more than 8% of the total commitments in the credit facilities.

As of September 30, 2017, total credit capacity was in excess of the total anticipated maximum liquidity requirements of PSEG, PSE&G and Power.

Each of the 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. The total credit facilities and available liquidity as of September 30, 2017 were as follows:




	As of September 30, 2017
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	215	$	1,285	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	215	$	1,285
PSE&G
5-year Credit Facility (A)	$	600	$	15	$	585	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	15	$	585
Power
3-year LC Facilities	$	200	$	112	$	88	Mar 2020	Letters of Credit
5-year Credit Facilities	1,900		70		1,830		Mar 2022	Funding/Letters of Credit
Total Power	$	2,100	$	182	$	1,918
Total	$	4,200	$	412	$	3,788


(A)	The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of September 30, 2017, PSEG had $202 million outstanding at a weighted average interest rate of 1.37%. PSE&G had no amounts outstanding under its Commercial Paper Program as of September 30, 2017.

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, 2017:

PSEG


•	entered into an agreement for a new term loan maturing June 2019. The term loan has a balance of $700 million at an interest rate of 1 month LIBOR + 0.80% and can be terminated at any time without penalty.

PSE&G


•	issued $425 million of 3.00% Secured Medium-Term Notes, Series L due May 2027.

Short-Term Liquidity

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of September 30, 2017, the total available credit capacity was $3.8 billion.

As of September 30, 2017, no single institution represented more than 8% of the total commitments in the credit facilities.

As of September 30, 2017, total credit capacity was in excess of the total anticipated maximum liquidity requirements of PSEG, PSE&G and Power.




	As of September 30, 2017
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	215	$	1,285	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	215	$	1,285
PSE&G
5-year Credit Facility (A)	$	600	$	15	$	585	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	15	$	585
Power
3-year LC Facilities	$	200	$	112	$	88	Mar 2020	Letters of Credit
5-year Credit Facilities	1,900		70		1,830		Mar 2022	Funding/Letters of Credit
Total Power	$	2,100	$	182	$	1,918
Total	$	4,200	$	412	$	3,788


(A)	The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of September 30, 2017, PSEG had $202 million outstanding at a weighted average interest rate of 1.37%. PSE&G had no amounts outstanding under its Commercial Paper Program as of September 30, 2017.

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, 2017:

PSEG


•	entered into an agreement for a new term loan maturing June 2019. The term loan has a balance of $700 million at an interest rate of 1 month LIBOR + 0.80% and can be terminated at any time without penalty.

PSE&G


•	issued $425 million of 3.00% Secured Medium-Term Notes, Series L due May 2027.

Short-Term Liquidity

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of September 30, 2017, the total available credit capacity was $3.8 billion.

As of September 30, 2017, no single institution represented more than 8% of the total commitments in the credit facilities.

As of September 30, 2017, total credit capacity was in excess of the total anticipated maximum liquidity requirements of PSEG, PSE&G and Power.




	As of September 30, 2017
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	215	$	1,285	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	215	$	1,285
PSE&G
5-year Credit Facility (A)	$	600	$	15	$	585	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	15	$	585
Power
3-year LC Facilities	$	200	$	112	$	88	Mar 2020	Letters of Credit
5-year Credit Facilities	1,900		70		1,830		Mar 2022	Funding/Letters of Credit
Total Power	$	2,100	$	182	$	1,918
Total	$	4,200	$	412	$	3,788


(A)	The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of September 30, 2017, PSEG had $202 million outstanding at a weighted average interest rate of 1.37%. PSE&G had no amounts outstanding under its Commercial Paper Program as of September 30, 2017.