Debt and Credit Facilities

9 Months Ended

Sep. 30, 2018

Long-Term Debt Financing Transactions

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


•	issued $325 million of 3.25% Secured Medium-Term Notes, Series M, due September 2023,


•	issued $325 million of 3.65% Secured Medium-Term Notes, Series M, due September 2028,


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


•	retired $350 million of 2.30% 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 $4.3 billion credit facilities are provided by a diverse bank group. As of September 30, 2018, the total available credit capacity was $3.6 billion.

As of September 30, 2018, no single institution represented more than 9% of the total commitments in the credit facilities.

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

In September 2018, Power amended an existing 3-year $100 million letter of credit facility, extending the expiration date to September 2021. The second letter of credit facility, which is scheduled to expire in March 2020, will be terminated during the fourth quarter of 2018. Power also executed a new 3-year $100 million letter of credit facility that expires in September 2021.

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, 2018 were as follows:




	As of September 30, 2018
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	393	$	1,107	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	393	$	1,107
PSE&G
5-year Credit Facility (A)	$	600	$	56	$	544	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	56	$	544
Power
3-year Letter of Credit Facility	$	100	$	62	$	38	Mar 2020	Letters of Credit
3-year Letter of Credit Facilities	200		100		$	100	Sept 2021	Letters of Credit
5-year Credit Facilities	1,900		51		1,849		Mar 2022	Funding/Letters of Credit
Total Power	$	2,200	$	213	$	1,987
Total	$	4,300	$	662	$	3,638


(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, 2018, PSEG had $379 million outstanding at a weighted average interest rate of 2.54%. PSE&G had $40 million outstanding at a weighted average interest rate of 2.35% under its Commercial Paper Program as of September 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 nine months ended September 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,


•	issued $325 million of 3.25% Secured Medium-Term Notes, Series M, due September 2023,


•	issued $325 million of 3.65% Secured Medium-Term Notes, Series M, due September 2028,


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


•	retired $350 million of 2.30% Medium-Term Notes at maturity.

Power


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

Short-Term Liquidity

The commitments under the $4.3 billion credit facilities are provided by a diverse bank group. As of September 30, 2018, the total available credit capacity was $3.6 billion.

As of September 30, 2018, no single institution represented more than 9% of the total commitments in the credit facilities.

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




	As of September 30, 2018
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	393	$	1,107	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	393	$	1,107
PSE&G
5-year Credit Facility (A)	$	600	$	56	$	544	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	56	$	544
Power
3-year Letter of Credit Facility	$	100	$	62	$	38	Mar 2020	Letters of Credit
3-year Letter of Credit Facilities	200		100		$	100	Sept 2021	Letters of Credit
5-year Credit Facilities	1,900		51		1,849		Mar 2022	Funding/Letters of Credit
Total Power	$	2,200	$	213	$	1,987
Total	$	4,300	$	662	$	3,638


(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, 2018, PSEG had $379 million outstanding at a weighted average interest rate of 2.54%. PSE&G had $40 million outstanding at a weighted average interest rate of 2.35% under its Commercial Paper Program as of September 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 nine months ended September 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,


•	issued $325 million of 3.25% Secured Medium-Term Notes, Series M, due September 2023,


•	issued $325 million of 3.65% Secured Medium-Term Notes, Series M, due September 2028,


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


•	retired $350 million of 2.30% Medium-Term Notes at maturity.

Power


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

Short-Term Liquidity

The commitments under the $4.3 billion credit facilities are provided by a diverse bank group. As of September 30, 2018, the total available credit capacity was $3.6 billion.

As of September 30, 2018, no single institution represented more than 9% of the total commitments in the credit facilities.

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




	As of September 30, 2018
Company/Facility	Total Facility		Usage		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	393	$	1,107	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	393	$	1,107
PSE&G
5-year Credit Facility (A)	$	600	$	56	$	544	Mar 2022	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	56	$	544
Power
3-year Letter of Credit Facility	$	100	$	62	$	38	Mar 2020	Letters of Credit
3-year Letter of Credit Facilities	200		100		$	100	Sept 2021	Letters of Credit
5-year Credit Facilities	1,900		51		1,849		Mar 2022	Funding/Letters of Credit
Total Power	$	2,200	$	213	$	1,987
Total	$	4,300	$	662	$	3,638


(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, 2018, PSEG had $379 million outstanding at a weighted average interest rate of 2.54%. PSE&G had $40 million outstanding at a weighted average interest rate of 2.35% under its Commercial Paper Program as of September 30, 2018.