Debt and Credit Facilities

6 Months Ended

Jun. 30, 2018

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the six months ended June 30, 2018:

PSE&G


•	issued $375 million of 3.70% Secured Medium-Term Notes, Series M, due May 2028,


•	issued $325 million of 4.05% Secured Medium-Term Notes, Series M, due May 2048, and


•	retired $400 million of 5.30% Medium-Term Notes at maturity.

Power


•	issued $700 million of 3.85% Senior Notes due June 2023.

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 the $4.2 billion credit facilities are provided by a diverse bank group. As of June 30, 2018, the total available credit capacity was $3.7 billion.

As of June 30, 2018, no single institution represented more than 8% of the total commitments in the credit facilities.

As of June 30, 2018, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon.

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 June 30, 2018 were as follows:




	As of June 30, 2018
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	88	$	1,412	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	88	$	1,412
PSE&G
5-year Credit Facility (A)	$	600	$	211	$	389	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	211	$	389
Power
3-year Letter of Credit Facilities	$	200	$	162	$	38	Mar 2020	Letters of Credit
5-year Credit Facilities	1,900		40		1,860		Mar 2022	Funding/Letters of Credit
Total Power	$	2,100	$	202	$	1,898
Total	$	4,200	$	501	$	3,699


(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 June 30, 2018, PSEG had $75 million outstanding at a weighted average interest rate of 2.32%. PSE&G had $195 million outstanding at a weighted average interest rate of 2.29% under its Commercial Paper Program as of June 30, 2018.

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 six months ended June 30, 2018:

PSE&G


•	issued $375 million of 3.70% Secured Medium-Term Notes, Series M, due May 2028,


•	issued $325 million of 4.05% Secured Medium-Term Notes, Series M, due May 2048, and


•	retired $400 million of 5.30% Medium-Term Notes at maturity.

Power


•	issued $700 million of 3.85% Senior Notes due June 2023.

Short-Term Liquidity

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of June 30, 2018, the total available credit capacity was $3.7 billion.

As of June 30, 2018, no single institution represented more than 8% of the total commitments in the credit facilities.

As of June 30, 2018, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon.




	As of June 30, 2018
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	88	$	1,412	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	88	$	1,412
PSE&G
5-year Credit Facility (A)	$	600	$	211	$	389	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	211	$	389
Power
3-year Letter of Credit Facilities	$	200	$	162	$	38	Mar 2020	Letters of Credit
5-year Credit Facilities	1,900		40		1,860		Mar 2022	Funding/Letters of Credit
Total Power	$	2,100	$	202	$	1,898
Total	$	4,200	$	501	$	3,699


(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 June 30, 2018, PSEG had $75 million outstanding at a weighted average interest rate of 2.32%. PSE&G had $195 million outstanding at a weighted average interest rate of 2.29% under its Commercial Paper Program as of June 30, 2018.

Power [Member]

Debt Instrument [Line Items]

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the six months ended June 30, 2018:

PSE&G


•	issued $375 million of 3.70% Secured Medium-Term Notes, Series M, due May 2028,


•	issued $325 million of 4.05% Secured Medium-Term Notes, Series M, due May 2048, and


•	retired $400 million of 5.30% Medium-Term Notes at maturity.

Power


•	issued $700 million of 3.85% Senior Notes due June 2023.

Short-Term Liquidity

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of June 30, 2018, the total available credit capacity was $3.7 billion.

As of June 30, 2018, no single institution represented more than 8% of the total commitments in the credit facilities.

As of June 30, 2018, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon.




	As of June 30, 2018
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	88	$	1,412	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	88	$	1,412
PSE&G
5-year Credit Facility (A)	$	600	$	211	$	389	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	211	$	389
Power
3-year Letter of Credit Facilities	$	200	$	162	$	38	Mar 2020	Letters of Credit
5-year Credit Facilities	1,900		40		1,860		Mar 2022	Funding/Letters of Credit
Total Power	$	2,100	$	202	$	1,898
Total	$	4,200	$	501	$	3,699


(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 June 30, 2018, PSEG had $75 million outstanding at a weighted average interest rate of 2.32%. PSE&G had $195 million outstanding at a weighted average interest rate of 2.29% under its Commercial Paper Program as of June 30, 2018.