{"id":395141,"date":"2020-12-08T07:33:34","date_gmt":"2020-12-08T12:33:34","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=395141"},"modified":"2020-12-08T07:33:34","modified_gmt":"2020-12-08T12:33:34","slug":"pseg-announces-early-tender-results-and-amendments-to-exchange-offer-and-related-consent-solicitation","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/pseg-announces-early-tender-results-and-amendments-to-exchange-offer-and-related-consent-solicitation\/","title":{"rendered":"PSEG Announces Early Tender Results and Amendments to Exchange Offer and Related Consent Solicitation"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">NEWARK, N.J.<\/span>, <span class=\"xn-chron\">Dec. 8, 2020<\/span> \/PRNewswire\/ &#8212;\u00a0Public Service Enterprise Group Incorporated (NYSE: PEG) (&#8220;PSEG&#8221;) announced today that as of <span class=\"xn-chron\">5:00 p.m.<\/span>, <span class=\"xn-location\">New York City<\/span> time, on <span class=\"xn-chron\">December 7, 2020<\/span> (the &#8220;Early Tender Deadline&#8221;), approximately <span class=\"xn-money\">$95,264,000<\/span> in aggregate principal amount of the 8 5\/8% Senior Notes due 2031 of PSEG Power LLC (&#8220;PSEG Power&#8221;) (such notes, the &#8220;Power Notes&#8221;), representing approximately 19.05% of the total outstanding principal amount of the Power Notes, had been validly tendered and not validly withdrawn in connection with its previously announced private exchange offer (the &#8220;Exchange Offer&#8221;) and related consent solicitation (the &#8220;Consent Solicitation&#8221;) with respect to the Power Notes.\u00a0 Holders of Power Notes whose Power Notes have been validly tendered and not validly withdrawn and that are accepted for exchange will receive new notes issued by PSEG (the &#8220;PSEG Notes&#8221;) on the settlement date, which is expected to be on or about <span class=\"xn-chron\">December 23, 2020<\/span>, unless the Exchange Offer is extended or terminated.\u00a0 In addition, PSEG announced that it has (i) increased the &#8220;Exchange Consideration&#8221; for Power Notes validly tendered after the Early Tender Deadline from <span class=\"xn-money\">$970<\/span> principal amount of the PSEG Notes (as defined below) per <span class=\"xn-money\">$1,000<\/span> principal amount of Power Notes, to <span class=\"xn-money\">$1,000<\/span> principal amount of the PSEG Notes per <span class=\"xn-money\">$1,000<\/span> principal amount of Power Notes, and (ii) withdrawn the Consent Solicitation.\u00a0 As a result, the consideration to be paid for Power Notes validly tendered (i) prior to the Early Tender Deadline and (ii) following the Early Tender Deadline will be the same. All other terms and conditions of the Exchange Offer remain unchanged.\u00a0 <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/448542\/PSEG_Logo.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/448542\/PSEG_Logo.jpg\" title=\"Public Service Enterprise Group (PSEG) is a publicly traded diversified energy company. Its operating subsidiaries are: PSEG Power, Public Service Electric and Gas Company (PSE&amp;G) and PSEG Long Island.\" alt=\"Public Service Enterprise Group (PSEG) is a publicly traded diversified energy company. Its operating subsidiaries are: PSEG Power, Public Service Electric and Gas Company (PSE&amp;G) and PSEG Long Island.\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>Withdrawal rights for the Exchange Offer expired at the Early Tender Deadline.\u00a0 Eligible noteholders may no longer withdraw tendered Power Notes, except as required by applicable law. <\/p>\n<p>The Exchange Offer is being made on the terms and subject to the conditions set forth in the Offer to Exchange and Consent Solicitation Statement, dated <span class=\"xn-chron\">November 23, 2020<\/span>, as supplemented by Supplement No. 1 thereto, dated <span class=\"xn-chron\">December 8, 2020<\/span> (the &#8220;Offer to Exchange&#8221;).\u00a0 The Exchange Offer will expire at <span class=\"xn-chron\">11:59 p.m.<\/span>, <span class=\"xn-location\">New York City<\/span> time, on <span class=\"xn-chron\">December 21, 2020<\/span>, unless such date is extended (such time and date, as they may be extended, the &#8220;Expiration Time&#8221;) or earlier terminated.\u00a0 PSEG reserves the right to terminate, withdraw, amend and\/or extend the Exchange Offer in its sole discretion, upon the terms and subject to the conditions set forth in the Offer to Exchange. <\/p>\n<p>All eligible holders who validly tender their Power Notes will receive, upon the terms and subject to the conditions set forth in the Offer to Exchange, PSEG Notes in the same principal amount as the Power Notes tendered therefor.\u00a0 Interest on each PSEG Note will accrue from (and including) <span class=\"xn-chron\">October 15, 2020<\/span>, the last interest payment date on which interest was paid on the Power Note tendered in exchange for such PSEG Note, and, accordingly, no accrued interest will be paid on the settlement date in respect of Power Notes accepted for exchange, except as set forth in the Offer to Exchange with respect to cash paid in lieu of PSEG Notes not delivered.\u00a0 Eligible noteholders who validly tender their Power Notes after the Early Tender Deadline may not withdraw tendered Power Notes, except as required by applicable law.<\/p>\n<p>PSEG Notes issued as consideration pursuant to the terms and conditions of the Offer to Exchange will have the same interest payment and maturity dates and interest rate as the Power Notes validly exchanged.\u00a0 <\/p>\n<p>PSEG&#8217;s obligation to accept and exchange the Power Notes validly tendered pursuant to the Exchange Offer is subject to customary conditions, as set forth in the Offer to Exchange.\u00a0 The Exchange Offer is not conditioned upon the tender of any minimum aggregate principal amount of the Power Notes.<\/p>\n<p>This press release is issued pursuant to Rule 135c under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;).\u00a0 This press release is neither an offer to sell nor the solicitation of an offer to buy the PSEG Notes or any other securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which, or to any person to whom, such an offer, solicitation or sale is unlawful.\u00a0 The Exchange Offer has not been and will not initially be registered under the Securities Act, or the securities laws of any other jurisdiction.\u00a0 The PSEG Notes will be issued in reliance upon exemptions from, or in transactions not subject to, registration under the Securities Act.\u00a0 The PSEG Notes will be offered for exchange only (1) to qualified institutional buyers as defined in Rule\u00a0144A under the Securities Act in reliance on the exemption provided by Section 4(a)(2) of the Securities Act and (2) outside <span class=\"xn-location\">the United States<\/span> to persons other than U.S. persons (each as defined in Rule 902 under the Securities Act) in reliance upon Regulation S under the Securities Act and (3) in any Relevant Member State (any member state of the European Economic Area) or in the <span class=\"xn-location\">United Kingdom<\/span>, to persons who are qualified investors (as defined in Regulation (EU) 2017\/1129).\u00a0 The PSEG Notes may not be offered, sold, pledged or otherwise transferred in <span class=\"xn-location\">the United States<\/span> absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.<\/p>\n<p>The Exchange Offer is being made only pursuant to the Offer to Exchange.\u00a0 The Offer to Exchange and other documents relating to the Exchange Offer will be distributed only to holders who confirm that they are within the categories of eligible participants in the Exchange Offer.\u00a0 None of PSEG, PSEG Power, PSEG&#8217;s other subsidiaries, any of their respective directors or officers, the dealer managers and solicitation agents, the exchange agent, the information agent, any trustee for the PSEG Notes or the Power Notes, their respective affiliates, or any other person is making any recommendation as to whether holders should tender their Power Notes in the Exchange Offer.<\/p>\n<p>Holders who desire a copy of the eligibility letter should contact Global Bondholder Services Corporation, the information agent for the Exchange Offer, at (866) 470-3800 (U.S. Toll-free).\u00a0 Banks and brokers should call (212) 430-3774.\u00a0 The eligibility letter may also be found here:\u00a0 <a href=\"https:\/\/gbsc-usa.com\/eligibility\/pseg\" rel=\"nofollow\">https:\/\/gbsc-usa.com\/eligibility\/pseg<\/a>. \u00a0Global Bondholder Services Corporation will also provide copies of the Offer to Exchange to eligible noteholders.<\/p>\n<p>In connection with the Exchange Offer and as described in greater detail in the Offer to Exchange, PSEG will enter into a registration rights agreement, pursuant to which PSEG will be obligated to use commercially reasonable efforts to file with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) and cause to become effective a registration statement with respect to an offer to exchange the PSEG Notes for new notes and to use commercially reasonable efforts to file a shelf registration statement to cover resales of the PSEG Notes under the Securities Act in the event that PSEG determines that a registered exchange offer is not available or may not be completed.<\/p>\n<p>This press release, the Offer to Exchange and any other documents or materials relating to the Exchange Offer may only be communicated to persons in the <span class=\"xn-location\">United Kingdom<\/span> in circumstances where Section 21 of the Financial Services and Markets Act 2000 (the &#8220;FSMA&#8221;) does not apply.\u00a0 Accordingly, this press release and the Offer to Exchange are only for circulation to (i) persons who are outside the <span class=\"xn-location\">United Kingdom<\/span>, (ii)\u00a0investment professionals falling within Article 19(5) of the FSMA (Financial Promotion) Order 2005, as amended (the &#8220;Financial Promotion Order&#8221;), (iii) high net worth entities, and other persons to whom the communication may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Financial Promotion Order, (iv) persons falling within Article 43(2) of the Financial Promotion Order, or (v) other persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the communication may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to for purposes of this paragraph as &#8220;relevant persons&#8221;).\u00a0 The PSEG Notes will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such PSEG Notes will be engaged in only with, relevant persons.\u00a0 Any person who is not a relevant person should not act or rely on the Offer to Exchange or any of its contents and may not participate in the Exchange Offer.<\/p>\n<p>The complete terms and conditions of the Exchange Offer are set forth in the Offer to Exchange.\u00a0 The Exchange Offer is only being made pursuant to the Offer to Exchange.\u00a0 The Exchange Offer is not being made to holders of Power Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.\u00a0 The Exchange Offer has not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the Offer to Exchange.<\/p>\n<p \/>\n<p>\n        <b><br \/>\n          <u>About PSEG<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. \u00a0Headquartered in <span class=\"xn-location\">Newark, N.J.<\/span>, PSEG&#8217;s principal operating subsidiaries are: \u00a0Public Service Electric and Gas Co. (PSE&amp;G), PSEG Power and PSEG Long Island. \u00a0PSEG is a Fortune 500 company included in the S&amp;P 500 Index and has been named to the Dow Jones Sustainability Index for <span class=\"xn-location\">North America<\/span> for 13 consecutive years.<\/p>\n<p \/>\n<p>\n        <b><br \/>\n          <u>Forward-Looking Statement <\/u><br \/>\n        <\/b>\n      <\/p>\n<p>This press release may contain statements about our and our subsidiaries&#8217; future performance, including, without limitation, future revenues, earnings, strategies, prospects, consequences and all other statements that are not purely historical that constitute &#8220;forward-looking statements&#8221; within the meaning of the Private Securities Litigation Reform Act of 1995.\u00a0 Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Such forward-looking statements are based on management&#8217;s beliefs as well as assumptions made by and information currently available to management.\u00a0 When used herein, the words &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;plan,&#8221; &#8220;should,&#8221; &#8220;hypothetical,&#8221; &#8220;potential,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; variations of such words and similar expressions are intended to identify forward-looking statements.\u00a0 Factors that may cause actual results to differ materially are often presented by the forward-looking statements themselves.\u00a0 Other factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are discussed in filings we make with the SEC, including our Annual Report on Form 10-K and subsequent reports on Form 10-Q and Form 8-K.<\/p>\n<p \/>\n<p>\n        <b><br \/>\n          <b>CONTACTS:<\/b><br \/>\n        <\/b>\n      <\/p>\n<p>Investor Relations<br \/><a href=\"mailto:Carlotta.Chan@pseg.com\" rel=\"nofollow\">Carlotta.Chan@pseg.com<\/a><br \/>973-430-6565<\/p>\n<p>Media Relations<br \/><a href=\"mailto:Marijke.Shugrue@pseg.com\" rel=\"nofollow\">Marijke.Shugrue@pseg.com<\/a><br \/>908-531-4253 <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY16253&amp;sd=2020-12-08\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/pseg-announces-early-tender-results-and-amendments-to-exchange-offer-and-related-consent-solicitation-301188247.html\">http:\/\/www.prnewswire.com\/news-releases\/pseg-announces-early-tender-results-and-amendments-to-exchange-offer-and-related-consent-solicitation-301188247.html<\/a><\/p>\n<p>SOURCE  PSEG<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY16253&amp;Transmission_Id=202012080730PR_NEWS_USPR_____NY16253&amp;DateId=20201208\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire NEWARK, N.J., Dec. 8, 2020 \/PRNewswire\/ &#8212;\u00a0Public Service Enterprise Group Incorporated (NYSE: PEG) (&#8220;PSEG&#8221;) announced today that as of 5:00 p.m., New York City time, on December 7, 2020 (the &#8220;Early Tender Deadline&#8221;), approximately $95,264,000 in aggregate principal amount of the 8 5\/8% Senior Notes due 2031 of PSEG Power LLC (&#8220;PSEG Power&#8221;) (such notes, the &#8220;Power Notes&#8221;), representing approximately 19.05% of the total outstanding principal amount of the Power Notes, had been validly tendered and not validly withdrawn in connection with its previously announced private exchange offer (the &#8220;Exchange Offer&#8221;) and related consent solicitation (the &#8220;Consent Solicitation&#8221;) with respect to the Power Notes.\u00a0 Holders of Power Notes whose Power Notes have been validly tendered and not validly &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pseg-announces-early-tender-results-and-amendments-to-exchange-offer-and-related-consent-solicitation\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;PSEG Announces Early Tender Results and Amendments to Exchange Offer and Related Consent Solicitation&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-395141","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>PSEG Announces Early Tender Results and Amendments to Exchange Offer and Related Consent Solicitation - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/pseg-announces-early-tender-results-and-amendments-to-exchange-offer-and-related-consent-solicitation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PSEG Announces Early Tender Results and Amendments to Exchange Offer and Related Consent Solicitation - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire NEWARK, N.J., Dec. 8, 2020 \/PRNewswire\/ &#8212;\u00a0Public Service Enterprise Group Incorporated (NYSE: PEG) (&#8220;PSEG&#8221;) announced today that as of 5:00 p.m., New York City time, on December 7, 2020 (the &#8220;Early Tender Deadline&#8221;), approximately $95,264,000 in aggregate principal amount of the 8 5\/8% Senior Notes due 2031 of PSEG Power LLC (&#8220;PSEG Power&#8221;) (such notes, the &#8220;Power Notes&#8221;), representing approximately 19.05% of the total outstanding principal amount of the Power Notes, had been validly tendered and not validly withdrawn in connection with its previously announced private exchange offer (the &#8220;Exchange Offer&#8221;) and related consent solicitation (the &#8220;Consent Solicitation&#8221;) with respect to the Power Notes.\u00a0 Holders of Power Notes whose Power Notes have been validly tendered and not validly &hellip; Continue reading &quot;PSEG Announces Early Tender Results and Amendments to Exchange Offer and Related Consent Solicitation&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/pseg-announces-early-tender-results-and-amendments-to-exchange-offer-and-related-consent-solicitation\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-08T12:33:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/448542\/PSEG_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pseg-announces-early-tender-results-and-amendments-to-exchange-offer-and-related-consent-solicitation\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pseg-announces-early-tender-results-and-amendments-to-exchange-offer-and-related-consent-solicitation\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"PSEG Announces Early Tender Results and Amendments to Exchange Offer and Related Consent Solicitation\",\"datePublished\":\"2020-12-08T12:33:34+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pseg-announces-early-tender-results-and-amendments-to-exchange-offer-and-related-consent-solicitation\\\/\"},\"wordCount\":1769,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pseg-announces-early-tender-results-and-amendments-to-exchange-offer-and-related-consent-solicitation\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/448542\\\/PSEG_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pseg-announces-early-tender-results-and-amendments-to-exchange-offer-and-related-consent-solicitation\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/pseg-announces-early-tender-results-and-amendments-to-exchange-offer-and-related-consent-solicitation\\\/\",\"name\":\"PSEG Announces Early Tender Results and Amendments to Exchange Offer and Related Consent Solicitation - 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