Filed pursuant to Rule 433
Registration Statement No. 333-157960
March 3, 2010
Puget Sound Energy, Inc.
$325,000,000 5.795% Senior Notes due March 15, 2040
PRICING TERM SHEET
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Issuer: |
Puget Sound Energy, Inc. |
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Anticipated Ratings*: |
Baa1 by Moody's Investors Service Inc. |
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A- by Standard & Poor’s Ratings Services |
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Principal Amount: |
$325,000,000 |
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Security Type: |
Senior Notes |
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Issue Price: |
100% of principal amount |
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Trade Date: |
March 3, 2010 |
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Settlement Date: |
March 8, 2010 (T+3) |
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Maturity Date: |
March 15, 2040 |
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Coupon: |
5.795% |
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Benchmark Treasury: |
4.375% due November 15, 2039 |
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Treasury Price: |
96.453% |
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Treasury Yield: |
4.595% |
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Spread to Benchmark: |
T+120 basis points |
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Reoffer Yield: |
5.795% |
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Interest Payment Dates: |
Semi-annually on March 15 and September 15, commencing on September 15, 2010 |
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Make-whole Call: |
At any time at a discount rate of Treasury plus T+20 basis points |
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Denominations: |
$1,000 and integral multiples of $1,000 |
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Joint Book-Running Managers: |
Barclays Capital Inc. |
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KeyBanc Capital Markets Inc. Scotia Capital (USA) Inc. |
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Wells Fargo Securities, LLC |
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Co-Managers: |
Banc of America Securities LLC |
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Commerzbank Capital Markets Corp. |
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Fifth Third Securities, Inc. |
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J.P. Morgan Securities Inc. |
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Macquarie Capital (USA) Inc. |
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CUSIP: |
745332CB0 |
The Information regarding conflicts of interest in the Preliminary Prospectus Supplement dated March 3, 2010 under the caption "Underwriting - Conflicts of Interest" is supplemented with the following: Affiliates of Macquarie Capital (USA) Inc. indirectly own an equity interest in Puget Sound Energy, Inc. of approximately 45.5%. Affiliates of each of the co-managers are lenders under Puget Sound Energy, Inc.'s revolving capital expenditure credit facility, a portion of which will be repaid with the net proceeds of this offering.
*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
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
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Filed pursuant to Rule 433
Registration Statement No. 333-157960
March 3, 2010
documents for free by searching the SEC online database (EDGAR®) at www.sec.gov. Alternatively, you may obtain a copy of the prospectus from Barclays Capital Inc. by calling 1-888-603-5847, KeyBanc Capital Markets Inc. by calling 1-866-227-6479, Scotia Capital (USA) Inc. by calling 1-800-372-3930 and Wells Fargo Securities, LLC by calling 1-800-326-5897.
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