Filed pursuant to Rule 433
Registration Statement No. 333-157960
September 8, 2009
Puget Sound Energy, Inc.
$350,000,000 5.757% Senior Notes due October 1, 2039
| Issuer: | Puget Sound Energy, Inc. | |
| Anticipated Ratings*: | Baa1 by Moody's Investors Service Inc. A- by Standard & Poor's Ratings Services |
|
| Principal Amount: | $350,000,000 | |
| Security Type: | Senior Notes | |
| Issue Price: | 100% of principal amount | |
| Trade Date: | September 8, 2009 | |
| Settlement Date: | September 11, 2009 | |
| Maturity Date: | October 1, 2039 | |
| Coupon: | 5.757% | |
| Benchmark Treasury: | 4.25% due May 15, 2039 | |
| Treasury Yield: | 4.257% | |
| Spread to Benchmark: | +150 basis points | |
| Reoffer Yield: | 5.757% | |
| Interest Payment Dates: | Semi-annually on April 1 and October 1, commencing on April 1, 2010 |
|
| Make-whole Call: | At any time at a discount rate of Treasury plus T+25 basis points | |
| Denominations: | $1,000 and integral multiples of $1,000 | |
| Joint Book-Running Managers: | J.P. Morgan Securities Inc. Banc of America Securities LLC RBS Securities Inc. SunTrust Robinson Humphrey, Inc. |
|
| Co-Managers: | BNY Mellon Capital Markets, LLC KeyBanc Capital Markets Inc. Mitsubishi UFJ Securities (USA), Inc. Scotia Capital (USA) Inc. |
|
| CUSIP: | 745332CA2 |
The issuer has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (SEC) for this offering. Before you invest, you should read the prospectus for this offering 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 searching the SEC online database (EDGAR®) at www.sec.gov. Alternatively, you may obtain a copy of the prospectus from J.P. Morgan Securities Inc. by calling (212) 834-4533, Banc of America Securities LLC by calling 1-800-294-1322, RBS Securities Inc. by calling 1-866-884-2071 and SunTrust Robinson Humphrey, Inc. by calling 1-800-685-4786.