Puget Energy Sells $450 Million Bonds, Increases Sale By $100 Million -Sources

Puget Energy Inc. (PSD), a unit of Bellevue, Wash., utility holding company Puget Holdings LLC, sold $450 million of 10-year bonds Wednesday, increasing the amount sold by $100 million from what it initially planned, according to people familiar with the transaction.

The Rule 144A private sale was first marketed on Tuesday.

The senior secured notes have a priority lien on all of the issuer's assets, including common stock in its regulated utility subsidiary, Puget Sound Energy, according to the people tracking the deal.

The notes were rated Ba2 by Moody's Investors Service and BB+ by Standard & Poor's. There is a put option allowing holders of the debt to sell it back to the issuer upon a change of control, such as a merger or sale, at 101% of its face value.

Bank of America Merrill Lynch, Barclays Capital and J.P. Morgan Chase led the sale, proceeds from which will be used to repay existing debt.

Available terms are as follows.

 
Amount: $450 million 
Maturity: December 15, 2020 
Coupon: 6.5% 
Price: 99.997 
Yield: 6.500% 
Spread: 357.3 basis points over Treasurys 
Ratings: Ba2 (Moody's Investors Service) 
         BB+ (Standard & Poor's)

-By Katy Burne, Dow Jones Newswires; 212-416-3084; katy.burne@dowjones.com

Puget (NYSE:PSD)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024