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Debt and Credit Facilities

3 Months Ended

Mar. 31, 2021

Debt Instrument [Line Items]

Debt and Credit Facilities

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the three months ended March 31, 2021:

PSE&G

•issued $450 million of 0.95% Secured Medium-Term Notes, Series N, due March 2026,

•issued $450 million of 3.00% Secured Medium-Term Notes, Series N, due March 2051, and

•retired $300 million of 1.90% Medium-Term Notes, Series K, at maturity.

Debt Covenants

PSEG Power’s existing credit agreements and senior notes contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. The disposal of PSEG Power’s non-nuclear generating fleet could, depending on the structure of such transaction, among other factors, trigger a default under one or more of these provisions. In March 2021, PSEG Power and its subsidiaries received waivers from the lenders and the administrative agent under their existing credit agreements permitting them to divest, in one or more transactions, some or all of its and its subsidiaries’ non-nuclear assets without breaching the terms of the agreements. For these reasons, or for other reasons, PSEG Power may decide, or be required, to seek amendments or waivers under its credit agreements and may redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole

premium. Whether such amendments, waivers or redemptions will be required will depend on a number of factors, including the structure of any transaction resulting from the strategic review, and any actual redemption price would depend on the applicable treasury rate in effect at such time. It is likewise possible that the ultimate outcome of the process may result in a transaction, or may result in no transaction at all, where the PSEG Power notes are not redeemed. If PSEG Power is required to redeem its senior notes, the cost of such redemption would be material.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities.

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of March 31, 2021, the total available credit capacity was $3.9 billion.

As of March 31, 2021, no single institution represented more than 9% of the total commitments in the credit facilities.

As of March 31, 2021, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to meet redemptions.

Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs.

The total credit facilities and available liquidity as of March 31, 2021 were as follows:

									As of March 31, 2021
			Company/Facility						Total Facility						Usage (D)						Available Liquidity						Expiration Date						Primary Purpose
									Millions
			PSEG
			5-year Credit Facilities (A)						$	1,500					$	167					$	1,333					Mar 2024						Commercial Paper Support/Funding/Letters of Credit
			Total PSEG						$	1,500					$	167					$	1,333
			PSE&G
			5-year Credit Facility (B)						$	600					$	18					$	582					Mar 2024						Commercial Paper Support/Funding/Letters of Credit
			Total PSE&G						$	600					$	18					$	582
			PSEG Power
			3-year Letter of Credit Facility						$	100					$	32					$	68					Sept 2021						Letters of Credit
			3-year Letter of Credit Facility						100						81						19						Sept 2022						Letters of Credit
			5-year Credit Facilities (C)						1,900						39						1,861						Mar 2024						Funding/Letters of Credit
			Total PSEG Power						$	2,100					$	152					$	1,948
			Total						$	4,200					$	337					$	3,863

(A)PSEG facilities will be reduced by $9 million in March 2022.

(B)PSE&G facility will be reduced by $4 million in March 2022.

(C)PSEG Power facilities will be reduced by $12 million in March 2022.

(D)The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of March 31, 2021, PSEG had $165 million outstanding at a weighted average interest rate of 0.23%. PSE&G had no Commercial Paper outstanding as of March 31, 2021.

Short-Term Loans

PSEG

In March 2021, PSEG entered into a $500 million, 364-day variable rate term loan agreement. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021.

Public Service Electric and Gas Company [Member]

Debt Instrument [Line Items]

Debt and Credit Facilities

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the three months ended March 31, 2021:

PSE&G

•issued $450 million of 0.95% Secured Medium-Term Notes, Series N, due March 2026,

•issued $450 million of 3.00% Secured Medium-Term Notes, Series N, due March 2051, and

•retired $300 million of 1.90% Medium-Term Notes, Series K, at maturity.

Debt Covenants

PSEG Power’s existing credit agreements and senior notes contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. The disposal of PSEG Power’s non-nuclear generating fleet could, depending on the structure of such transaction, among other factors, trigger a default under one or more of these provisions. In March 2021, PSEG Power and its subsidiaries received waivers from the lenders and the administrative agent under their existing credit agreements permitting them to divest, in one or more transactions, some or all of its and its subsidiaries’ non-nuclear assets without breaching the terms of the agreements. For these reasons, or for other reasons, PSEG Power may decide, or be required, to seek amendments or waivers under its credit agreements and may redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole

premium. Whether such amendments, waivers or redemptions will be required will depend on a number of factors, including the structure of any transaction resulting from the strategic review, and any actual redemption price would depend on the applicable treasury rate in effect at such time. It is likewise possible that the ultimate outcome of the process may result in a transaction, or may result in no transaction at all, where the PSEG Power notes are not redeemed. If PSEG Power is required to redeem its senior notes, the cost of such redemption would be material.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities.

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of March 31, 2021, the total available credit capacity was $3.9 billion.

As of March 31, 2021, no single institution represented more than 9% of the total commitments in the credit facilities.

As of March 31, 2021, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to meet redemptions.

Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs.

The total credit facilities and available liquidity as of March 31, 2021 were as follows:

									As of March 31, 2021
			Company/Facility						Total Facility						Usage (D)						Available Liquidity						Expiration Date						Primary Purpose
									Millions
			PSEG
			5-year Credit Facilities (A)						$	1,500					$	167					$	1,333					Mar 2024						Commercial Paper Support/Funding/Letters of Credit
			Total PSEG						$	1,500					$	167					$	1,333
			PSE&G
			5-year Credit Facility (B)						$	600					$	18					$	582					Mar 2024						Commercial Paper Support/Funding/Letters of Credit
			Total PSE&G						$	600					$	18					$	582
			PSEG Power
			3-year Letter of Credit Facility						$	100					$	32					$	68					Sept 2021						Letters of Credit
			3-year Letter of Credit Facility						100						81						19						Sept 2022						Letters of Credit
			5-year Credit Facilities (C)						1,900						39						1,861						Mar 2024						Funding/Letters of Credit
			Total PSEG Power						$	2,100					$	152					$	1,948
			Total						$	4,200					$	337					$	3,863

(A)PSEG facilities will be reduced by $9 million in March 2022.

(B)PSE&G facility will be reduced by $4 million in March 2022.

(C)PSEG Power facilities will be reduced by $12 million in March 2022.

(D)The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of March 31, 2021, PSEG had $165 million outstanding at a weighted average interest rate of 0.23%. PSE&G had no Commercial Paper outstanding as of March 31, 2021.

Short-Term Loans

PSEG

In March 2021, PSEG entered into a $500 million, 364-day variable rate term loan agreement. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021.

PSEG Power [Member]

Debt Instrument [Line Items]

Debt and Credit Facilities

Debt and Credit Facilities

Long-Term Debt Financing Transactions

The following long-term debt transactions occurred in the three months ended March 31, 2021:

PSE&G

•issued $450 million of 0.95% Secured Medium-Term Notes, Series N, due March 2026,

•issued $450 million of 3.00% Secured Medium-Term Notes, Series N, due March 2051, and

•retired $300 million of 1.90% Medium-Term Notes, Series K, at maturity.

Debt Covenants

PSEG Power’s existing credit agreements and senior notes contain covenants restricting the ability of PSEG Power and its subsidiaries that guarantee its indebtedness from consummating certain mergers, consolidations or asset sales. The disposal of PSEG Power’s non-nuclear generating fleet could, depending on the structure of such transaction, among other factors, trigger a default under one or more of these provisions. In March 2021, PSEG Power and its subsidiaries received waivers from the lenders and the administrative agent under their existing credit agreements permitting them to divest, in one or more transactions, some or all of its and its subsidiaries’ non-nuclear assets without breaching the terms of the agreements. For these reasons, or for other reasons, PSEG Power may decide, or be required, to seek amendments or waivers under its credit agreements and may redeem its outstanding senior notes, at a price equal to the principal amount thereof plus a make-whole

premium. Whether such amendments, waivers or redemptions will be required will depend on a number of factors, including the structure of any transaction resulting from the strategic review, and any actual redemption price would depend on the applicable treasury rate in effect at such time. It is likewise possible that the ultimate outcome of the process may result in a transaction, or may result in no transaction at all, where the PSEG Power notes are not redeemed. If PSEG Power is required to redeem its senior notes, the cost of such redemption would be material.

Short-Term Liquidity

PSEG meets its short-term liquidity requirements, as well as those of PSEG Power, primarily through the issuance of commercial paper and, from time to time, short-term loans. PSE&G maintains its own separate commercial paper program to meet its short-term liquidity requirements. Each commercial paper program is fully back-stopped by its own separate credit facilities.

The commitments under the $4.2 billion credit facilities are provided by a diverse bank group. As of March 31, 2021, the total available credit capacity was $3.9 billion.

As of March 31, 2021, no single institution represented more than 9% of the total commitments in the credit facilities.

As of March 31, 2021, total credit capacity was in excess of the total anticipated maximum liquidity requirements over PSEG’s 12-month planning horizon, including access to meet redemptions.

Each of the credit facilities is restricted as to availability and use to the specific companies as listed in the following table; however, if necessary, the PSEG facilities can also be used to support its subsidiaries’ liquidity needs.

The total credit facilities and available liquidity as of March 31, 2021 were as follows:

									As of March 31, 2021
			Company/Facility						Total Facility						Usage (D)						Available Liquidity						Expiration Date						Primary Purpose
									Millions
			PSEG
			5-year Credit Facilities (A)						$	1,500					$	167					$	1,333					Mar 2024						Commercial Paper Support/Funding/Letters of Credit
			Total PSEG						$	1,500					$	167					$	1,333
			PSE&G
			5-year Credit Facility (B)						$	600					$	18					$	582					Mar 2024						Commercial Paper Support/Funding/Letters of Credit
			Total PSE&G						$	600					$	18					$	582
			PSEG Power
			3-year Letter of Credit Facility						$	100					$	32					$	68					Sept 2021						Letters of Credit
			3-year Letter of Credit Facility						100						81						19						Sept 2022						Letters of Credit
			5-year Credit Facilities (C)						1,900						39						1,861						Mar 2024						Funding/Letters of Credit
			Total PSEG Power						$	2,100					$	152					$	1,948
			Total						$	4,200					$	337					$	3,863

(A)PSEG facilities will be reduced by $9 million in March 2022.

(B)PSE&G facility will be reduced by $4 million in March 2022.

(C)PSEG Power facilities will be reduced by $12 million in March 2022.

(D)The primary use of PSEG’s and PSE&G’s credit facilities is to support their respective Commercial Paper Programs, under which as of March 31, 2021, PSEG had $165 million outstanding at a weighted average interest rate of 0.23%. PSE&G had no Commercial Paper outstanding as of March 31, 2021.

Short-Term Loans

PSEG

In March 2021, PSEG entered into a $500 million, 364-day variable rate term loan agreement. In March 2020, PSEG entered into a $300 million, 364-day variable rate term loan agreement which was prepaid in January 2021.

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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