PSEG Power in $1.25 Billion Offering

Cleary Gottlieb is representing PSEG Power LLC (PSEG Power), a subsidiary of Public Service Enterprise Group Incorporated (PSEG), in its Rule 144A/Reg S offering of $750 million 5.2% senior notes due 2030 and $500 million 5.75% senior notes due 2035.

The offering priced on May 14, 2025, and is expected to close on May 21, 2025.

J.P. Morgan Securities LLC, BofA Securities Inc., Morgan Stanley & Co. LLC, Scotia Capital (USA) Inc., and Wells Fargo Securities LLC are acting as bookrunners for the offering.

PSEG Power is an energy supply company that owns and operates merchant nuclear generating assets and provides fuel and energy management services via its principal direct wholly owned subsidiaries. PSEG Power’s main subsidiaries include PSEG Nuclear and PSEG Energy Resources & Trade. PSEG Nuclear operates three nuclear units in South Jersey and has a 50% ownership in two nuclear power plants in Pennsylvania and currently provides 85% of the carbon-free power in New Jersey. PSEG Energy Resources & Trade operates a leading wholesale energy business in the eastern United States.