Filed pursuant to Rule 433
dated August 1, 2024
Relating to
Preliminary Pricing Supplement dated August 1, 2024
to Prospectus Supplement dated February 28, 2024 and
Prospectus dated November 13, 2023
Registration Statement No. 333-275512
Pricing Term Sheet for 4.850% Secured Medium-Term Notes, Series Q, due August 1, 2034
PUBLIC SERVICE ELECTRIC AND GAS COMPANY (PSE&G)
Issuer: Public Service Electric and Gas Company
Trade Date: August 1, 2024
Original Issue Date/Settlement Date: August 5, 2024, which is the second business day following the Trade Date. Accordingly, purchasers who wish to trade the Notes prior to one business day before delivery will be required, because the Notes will not initially settle in T+1, to specify an alternative settlement date at the time of such trade to prevent a failed settlement and should consult their own advisors.
Principal Amount: $600,000,000
Price to Public: 99.719% of Principal Amount, plus accrued interest, if any, from August 5, 2024 if settlement occurs after that date
Interest Rate: 4.850% per annum
Interest Payment Dates: February 1 and August 1, commencing February 1, 2025
Redemption: As specified in Preliminary Pricing Supplement dated August 1, 2024. Make whole amount prior to May 1, 2034 to be determined at a discount rate equal to the Treasury Rate plus 15 basis points (0.150%).
Maturity Date: August 1, 2034
CUSIP: 74456QCS3
Joint Book-Running Managers:
Citigroup Global Markets Inc. ($106,500,000)
Mizuho Securities USA LLC ($106,500,000)
Scotia Capital (USA) Inc. ($106,500,000)
Wells Fargo Securities, LLC ($106,500,000)
Co-Managers:
Barclays Capital Inc. ($30,000,000)
BofA Securities, Inc. ($30,000,000)
MUFG Securities Americas Inc. ($30,000,000)
RBC Capital Markets, LLC ($30,000,000)
TD Securities (USA) LLC ($30,000,000)
AmeriVet Securities, Inc. ($12,000,000)
MFR Securities, Inc. ($12,000,000)
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 Citigroup Global Markets Inc. toll-free at (800) 831-9146, Mizuho Securities USA LLC toll-free at (866) 271-7403, Scotia Capital (USA) Inc. toll-free at (800) 372-3930, or Wells Fargo Securities, LLC toll-free at (800) 645-3751.
