Debt and Credit Facilities

9 Months Ended

Sep. 30, 2019

Debt Instrument [Line Items]

Debt and Credit Facilities

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the nine months ended September 30, 2019:

PSEG

• issued $750 million of 2.875% Senior Notes due June 2024, and

• repaid a $350 million term loan with an interest rate of 1 month LIBOR + 0.80%.

PSE&G

• issued $400 million of 3.20% Secured Medium-Term Notes, Series M, due August 2049,

• issued $375 million of 3.20% Secured Medium-Term Notes, Series M, due May 2029,

• issued $375 million of 3.85% Secured Medium-Term Notes, Series M, due May 2049, and

• retired $250 million of 1.80% Medium-Term Notes at maturity, and

• retired $250 million of 2.00% Medium-Term Notes at maturity.

PSEG Power

PSEG Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019, was extended through March 2022.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG 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 September 30, 2019, the total available credit capacity was $3.6 billion.

As of September 30, 2019, no single institution represented more than 9% of the total commitments in the credit facilities.

As of September 30, 2019, 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 September 30, 2019 were as follows:

	As of September 30, 2019
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	349	$	1,151	Mar 2023	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	349	$	1,151
PSE&G
5-year Credit Facility (B)	$	600	$	26	$	574	Mar 2023	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	26	$	574
PSEG Power
3-year Letter of Credit Facilities	$	200	$	136	$	64	Sept 2021	Letters of Credit
5-year Credit Facilities (C)	1,900		40		1,860		Mar 2023	Funding/Letters of Credit
Total PSEG Power	$	2,100	$	176	$	1,924
Total	$	4,200	$	551	$	3,649

(A) PSEG facilities will be reduced by $9 million in March 2022.

(B) PSE&G facility will be reduced by $4 million in March 2022.

(C) PSEG Power facilities will be reduced by $12 million in March 2022.

(D)

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, 2019, PSEG had $336 million outstanding at a weighted average interest rate of 2.44%. PSE&G had $10 million outstanding at a weighted average interest rate of 2.17% under its Commercial Paper Program as of September 30, 2019.

Public Service Electric and Gas Company [Member]

Debt Instrument [Line Items]

Debt and Credit Facilities

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the nine months ended September 30, 2019:

PSEG

• issued $750 million of 2.875% Senior Notes due June 2024, and

• repaid a $350 million term loan with an interest rate of 1 month LIBOR + 0.80%.

PSE&G

• issued $400 million of 3.20% Secured Medium-Term Notes, Series M, due August 2049,

• issued $375 million of 3.20% Secured Medium-Term Notes, Series M, due May 2029,

• issued $375 million of 3.85% Secured Medium-Term Notes, Series M, due May 2049, and

• retired $250 million of 1.80% Medium-Term Notes at maturity, and

• retired $250 million of 2.00% Medium-Term Notes at maturity.

PSEG Power

PSEG Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019, was extended through March 2022.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG 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 September 30, 2019, the total available credit capacity was $3.6 billion.

As of September 30, 2019, no single institution represented more than 9% of the total commitments in the credit facilities.

As of September 30, 2019, 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 September 30, 2019 were as follows:

	As of September 30, 2019
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	349	$	1,151	Mar 2023	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	349	$	1,151
PSE&G
5-year Credit Facility (B)	$	600	$	26	$	574	Mar 2023	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	26	$	574
PSEG Power
3-year Letter of Credit Facilities	$	200	$	136	$	64	Sept 2021	Letters of Credit
5-year Credit Facilities (C)	1,900		40		1,860		Mar 2023	Funding/Letters of Credit
Total PSEG Power	$	2,100	$	176	$	1,924
Total	$	4,200	$	551	$	3,649

(A) PSEG facilities will be reduced by $9 million in March 2022.

(B) PSE&G facility will be reduced by $4 million in March 2022.

(C) PSEG Power facilities will be reduced by $12 million in March 2022.

(D)

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, 2019, PSEG had $336 million outstanding at a weighted average interest rate of 2.44%. PSE&G had $10 million outstanding at a weighted average interest rate of 2.17% under its Commercial Paper Program as of September 30, 2019.

PSEG Power [Member]

Debt Instrument [Line Items]

Debt and Credit Facilities

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the nine months ended September 30, 2019:

PSEG

• issued $750 million of 2.875% Senior Notes due June 2024, and

• repaid a $350 million term loan with an interest rate of 1 month LIBOR + 0.80%.

PSE&G

• issued $400 million of 3.20% Secured Medium-Term Notes, Series M, due August 2049,

• issued $375 million of 3.20% Secured Medium-Term Notes, Series M, due May 2029,

• issued $375 million of 3.85% Secured Medium-Term Notes, Series M, due May 2049, and

• retired $250 million of 1.80% Medium-Term Notes at maturity, and

• retired $250 million of 2.00% Medium-Term Notes at maturity.

PSEG Power

PSEG Power executed an extension of the letter of credit backing $44 million of Pennsylvania Economic Development Financing Authority Variable Rate Demand Bonds. The existing letter of credit, which was scheduled to expire in November 2019, was extended through March 2022.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG 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 September 30, 2019, the total available credit capacity was $3.6 billion.

As of September 30, 2019, no single institution represented more than 9% of the total commitments in the credit facilities.

As of September 30, 2019, 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 September 30, 2019 were as follows:

	As of September 30, 2019
Company/Facility	Total Facility		Usage (D)		Available Liquidity		Expiration Date	Primary Purpose
	Millions
PSEG
5-year Credit Facilities (A)	$	1,500	$	349	$	1,151	Mar 2023	Commercial Paper Support/Funding/Letters of Credit
Total PSEG	$	1,500	$	349	$	1,151
PSE&G
5-year Credit Facility (B)	$	600	$	26	$	574	Mar 2023	Commercial Paper Support/Funding/Letters of Credit
Total PSE&G	$	600	$	26	$	574
PSEG Power
3-year Letter of Credit Facilities	$	200	$	136	$	64	Sept 2021	Letters of Credit
5-year Credit Facilities (C)	1,900		40		1,860		Mar 2023	Funding/Letters of Credit
Total PSEG Power	$	2,100	$	176	$	1,924
Total	$	4,200	$	551	$	3,649

(A) PSEG facilities will be reduced by $9 million in March 2022.

(B) PSE&G facility will be reduced by $4 million in March 2022.

(C) PSEG Power facilities will be reduced by $12 million in March 2022.

(D)

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, 2019, PSEG had $336 million outstanding at a weighted average interest rate of 2.44%. PSE&G had $10 million outstanding at a weighted average interest rate of 2.17% under its Commercial Paper Program as of September 30, 2019.