Filed pursuant to Rule 433
dated March 2, 2021
Relating to
Preliminary Pricing Supplement dated March 2, 2021
to Prospectus Supplement dated March 2, 2021 and
Prospectus dated November 20, 2020
Registration Statement No. 333-250829
Pricing Term Sheet for 3.000% Secured Medium-Term Notes, Series N, due March 1, 2051
PUBLIC SERVICE ELECTRIC AND GAS COMPANY (PSE&G)
Issuer: Public Service Electric and Gas Company
Trade Date: March 2, 2021
Original Issue Date/Settlement Date: March 4, 2021
Principal Amount: $450,000,000
Price to Public: 99.902% of Principal Amount, plus accrued interest, if any, from March 4, 2021 if settlement occurs after that date
Interest Rate: 3.000% per annum
Interest Payment Dates: March 1 and September 1, commencing September 1, 2021
Redemption: As specified in Preliminary Pricing Supplement dated March 2, 2021. Make Whole amount during the Make Whole Redemption Period to be determined at a discount rate equal to the Treasury Rate plus 15 basis points (0.150%).
Maturity Date: March 1, 2051
CUSIP: 74456QCG9
Joint Book-Running Managers:
Credit Suisse Securities (USA) LLC ($64,125,000)
Mizuho Securities USA LLC ($64,125,000)
RBC Capital Markets, LLC ($64,125,000)
Scotia Capital (USA) Inc. ($64,125,000)
BNP Paribas Securities Corp. ($54,000,000)
Citigroup Global Markets Inc. ($54,000,000)
Co-Managers:
BNY Mellon Capital Markets, LLC ($24,750,000)
PNC Capital Markets LLC ($24,750,000)
CastleOak Securities, L.P. ($18,000,000)
Academy Securities, Inc. ($9,000,000)
AmeriVet Securities, Inc. ($9,000,000)
The issuer has filed a registration statement (including a prospectus, a prospectus supplement and a preliminary pricing supplement) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus, the prospectus supplement and the preliminary pricing supplement in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC’s Web site at www.sec.gov. Alternatively, the issuer or any underwriter participating in the offering will arrange to send you these documents if you request them by calling Credit Suisse Securities (USA) LLC toll-free at (800) 221-1037, Mizuho Securities USA LLC toll-free at (866) 271-7403, RBC Capital Markets, LLC toll-free at (866) 375-6829 or Scotia Capital (USA) LLC toll-free at (800) 372-3930.
