Hunton Andrews Kurth LLP acted as counsel to the underwriters in connection with Puget Sound Energy, Inc.’s offering of $400 million aggregate principal amount of its 5.448% Senior Notes due 2053. At March 31, 2023, PSE had approximately 874,473 gas customers, of which approximately 93.2% were residential customers, 6.5% were commercial customers and 0.3% were industrial and transportation customers.
Original Press Release:
May 18 -- Hunton Andrews Kurth LLP issued the following news release:
Hunton Andrews Kurth LLP acted as counsel to the underwriters in connection with Puget Sound Energy, Inc.’s (“PSE”) SEC-registered offering of $400 million aggregate principal amount of its 5.448% Senior Notes due 2053 (the “Senior Notes”). The Senior Notes are secured by a security interest in a series of PSE’s first mortgage bonds issued pursuant to its electric utility mortgage. An amount equal to or in excess of the net proceeds from the offering will be allocated by PSE to certain eligible projects, which are expenditures incurred and investments made related to development and acquisition of some or all of the following types of projects: (i) renewable energy, (ii) energy efficiency, (iii) clean transportation, (iv) biodiversity conservation, (v) climate change adaptation, (vi) water and wastewater management, (vii) pollution prevention and control, and (viii) green innovation.
PSE is a public utility incorporated in the State of Washington primarily engaged in the business of electric transmission, distribution and generation and natural gas distribution. PSE is the largest electric and gas utility in the state of Washington, serving a territory covering approximately 6,000 square miles, principally in the Puget Sound region. At March 31, 2023, PSE had approximately 1,219,860 electric customers, of which approximately 88.1% were residential customers, 11.0% were commercial customers and 0.9% were industrial, transportation and other customers. At March 31, 2023, PSE had approximately 874,473 gas customers, of which approximately 93.2% were residential customers, 6.5% were commercial customers and 0.3% were industrial and transportation customers.
The Hunton Andrews Kurth team included Peter K. O’Brien, Brendan P. Harney and Reuben H. Pearlman. Robert J. McNamara, William Freeman and Drew Hermiller provided tax advice.
Source: Hunton Andrews Kurth LLP
[Category: ESG, Funding Activities]
