PUBLIC SERVICE ELECTRIC & GAS CO 8-K

What Happened

• On January 5, 2026, Public Service Electric and Gas Company (PSE&G) commenced a program to issue up to $4,575,000,000 principal amount of Secured Medium-Term Notes, Series R, secured by $4,575,000,000 of its First and Refunding Mortgage Bonds, Medium-Term Notes Series R.
• On January 7, 2026, PSE&G completed a public offering of $500,000,000 of 4.200% Secured Medium-Term Notes, Series R due January 1, 2031, and $500,000,000 of 5.625% Secured Medium-Term Notes, Series R due January 1, 2056 (total $1.0 billion). The offering was made under PSE&G’s Form S-3 registration statement.

Key Details

• Program size: up to $4,575,000,000 aggregate principal of Series R notes.
• Recent issuance: $500M 4.200% due 1/1/2031; $500M 5.625% due 1/1/2056 (offered Jan 7, 2026).
• Security: Notes are secured by $4,575,000,000 of PSE&G’s First and Refunding Mortgage Bonds, Medium-Term Notes Series R.
• Offering filed under Form S-3 (File No. 333-275512) with related prospectus and pricing supplements.

Why It Matters

• This establishes a large, pre-authorized borrowing program (up to $4.575B) giving PSE&G capacity to raise secured medium- to long-term debt as needed.
• The completed $1.0B issuance locks in current interest costs (4.200% and 5.625%) and adds fixed-rate debt maturing in 2031 and 2056, which affects PSE&G’s debt maturity profile and interest expense.
• The notes are secured, which can influence creditor priority and investor assessments of capital structure; the filing and use of Form S-3 indicate public market access for future financings.