fdefa14a110907.htm
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November
9, 2007
Dear
Puget Sound Energy Retiree,
On
Friday, October 26, we announced that we signed a merger agreement with
long-term investors to obtain the capital and flexibility we need to continue
to
strengthen and grow the company in the years ahead. This will help us
concentrate on our core business of providing safe and reliable service to
our
customers. It will provide us with the $5 billion we need over the next five
years to upgrade our aging infrastructure and to introduce expanded energy
efficiency programs and more renewable energy resources to fulfill the booming
energy needs of our region.
I’m
excited about this agreement, and I’d like to be sure that you understand the
proposed merger and what it means for all of us connected with Puget Sound
Energy.
The
agreement is with a North American infrastructure fund consortium led by
Macquarie Infrastructure Partners, the Canada Pension Plan Investment Board
and
the British Columbia Investment Management Corporation. The consortium has
significant experience in managing infrastructure and utility investments in
the
United States and around the world, and has proven track records partnering
with
existing management to support the performance, stewardship and growth of those
businesses.
This
is
not a merger like the one between Washington Natural Gas and Puget Power a
decade ago. It is not a consolidation move. Job reductions and cost cutting
are
not foreseen. Our new investment partners value the company and its employees
and will continue current operations, management and union contracts. The
consortium will honor the current collective bargaining agreements in place
with
the International Brotherhood of Electric Workers, Local 77, and the United
Association of Journeymen and Apprentices of the Plumbing and Pipefitting
Industry of the United States and Canada, Local 26 and Local 32, for PSE’s
represented employees,
as
well
as existing wage and primary benefits for all employees and
retirees.
As
I told
PSE employees at a recent meeting, it will be business as usual, only
better. We do not anticipate that the merger will impact the PSE
Retirement Plan or your retiree medical coverage. The Retirement Plan continues
to be well funded and you will continue to receive payments as you currently
do.
PSE’s Retirement Plan Committee, made up of company officers, will continue to
administer the Retirement Plan. Similarly, no changes to your retiree medical
coverage have been proposed as a result of the merger. Obviously, we cannot
guarantee that changes will never be made to these programs. However,
none are currently expected to occur as a result of the merger.
The
transaction is expected to close during the second half of 2008, subject to
approval by Puget Energy’s shareholders, such as you, and regulatory approvals,
including those from the Washington Utilities and Transportation Commission
and
the Federal Energy Regulatory Commission. Upon completion of the merger,
shareholders will be paid $30 per share.
I
truly
believe that with this merger I will have done something for everyone –
customers, employees, retirees and shareholders. It is good for Washington
and
good for Puget Sound Energy.
We
will
provide you with regular updates as the transaction unfolds. Please look for
additional information and updates on PugetEnergy.com and in the New &
Notable section of PSE.com.
Sincerely,
/s/Stephen
P. Reynolds
Stephen
P. Reynolds
Chairman,
President and CEO
ADDITIONAL
INFORMATION AND WHERE TO FIND IT
In
connection with the proposed transaction, Puget Energy will file a proxy
statement with the Securities and Exchange Commission (SEC). Before
making any voting or investment decision, investors and security holders of
Puget Energy are urged to carefully read the entire proxy statement and any
other relevant documents filed with the SEC, as well as any amendments
or
supplements to those document, because they will contain important information
about the proposed transaction. A definitive proxy statement will be
sent to the shareholders of Puget Energy in connection with the proposed
transaction. Investors and security holders may obtain a free copy of
the proxy statement (when available) and other documents filed by Puget Energy
at the SEC’s website at www.sec.gov. The proxy statement and
such other documents may also be obtained at no cost from Puget Energy by
directing the request to Puget Energy, 10885
NE
4th Street,
PSE-08, Bellevue, WA 98004, Attention: Sue Gladfelter.
PARTICIPANTS
IN THE SOLICITATION
Puget
Energy, its directors, executive officers and other members of its management,
employees, and certain other persons may be deemed to be participants in the
solicitation
of
proxies from Puget Energy shareholders in connection with the proposed
transaction. Information about the interests of Puget Energy’s
participants in the solicitation is set forth in Puget Energy’s proxy statements
and Annual Reports on Form 10-K, previously filed with the SEC, and in the
proxy
statement relating to the transaction when it becomes
available.
November
9, 2007
Dear
Former Puget Sound Energy Employee,
On
Friday, October 26, we announced that we signed a merger agreement with
long-term investors to obtain the capital and flexibility we need to continue
to
strengthen and grow the company in the years ahead. This will help us
concentrate on our core business of providing safe and reliable service to
our
customers. It will provide us with the $5 billion we need over the next five
years to upgrade our aging infrastructure and to introduce expanded energy
efficiency programs and more renewable energy resources to fulfill the booming
energy needs of our region.
I’m
excited about this agreement and I’d like to be sure that you understand the
proposed merger and what it means for all of us connected with Puget Sound
Energy.
The
agreement is with a North American infrastructure fund consortium led by
Macquarie Infrastructure Partners, the Canada Pension Plan Investment Board
and
the British Columbia Investment Management Corporation. The consortium has
significant experience in managing infrastructure and utility investments in
the
United States and around the world, and has proven track records partnering
with
existing management to support the performance, stewardship and growth of those
businesses.
This
is
not a merger like the one between Washington Natural Gas and Puget Power a
decade ago. It is not a consolidation move. Job reductions and cost cutting
are
not foreseen. Our new investment partners value the company and its employees
and will continue current operations, management and union contracts. The
consortium will honor the current collective bargaining agreements in place
with
the International Brotherhood of Electric Workers, Local 77, and the United
Association of Journeymen and Apprentices of the Plumbing and Pipefitting
Industry of the United States and Canada, Local 26 and Local 32, for PSE’s
represented employees, as
well
as existing wage and primary benefits for all employees and
retirees.
As
I told
PSE employees at a recent meeting, it will be business as usual, only
better. We do not anticipate that the merger will impact the PSE
Retirement Plan. The Retirement Plan continues to be well funded and
will continue to be administered by PSE’s Retirement Plan Committee, made up of
company officers. The process to begin your benefit has not changed
either. When you are eligible to receive payment, or for those already
eligible who want to begin receiving your benefit, please contact the Milliman
Benefits Service Center at 1-800-727-6915.
The
transaction is expected to close during the second half of 2008, subject to
approval by Puget Energy’s shareholders, such as you, and regulatory approvals,
including those from the Washington Utilities and Transportation Commission
and
the Federal Energy Regulatory Commission. Upon completion of the merger,
shareholders will be paid $30 per share.
I
truly
believe that with this merger I will have done something for everyone –
customers, employees, retirees and shareholders. It is good for Washington
and
good for Puget Sound Energy.
We
will
provide you with regular updates as the transaction unfolds. Please look for
additional information and updates on PugetEnergy.com and in the New &
Notable section of PSE.com.
Sincerely,
/s/Stephen
P. Reynolds
Stephen
P. Reynolds
Chairman,
President and CEO
ADDITIONAL
INFORMATION AND WHERE TO FIND IT
In
connection with the proposed transaction, Puget Energy will file a proxy
statement with the Securities and Exchange Commission (SEC). Before
making any voting or investment decision, investors and security holders of
Puget Energy are urged to carefully read the entire proxy statement and any
other relevant documents filed with the SEC, as well as any amendments
or
supplements to those document, because they will contain important information
about the proposed transaction. A definitive proxy statement will be
sent to the shareholders of Puget Energy in connection with the proposed
transaction. Investors and security holders may obtain a free copy of
the proxy statement (when available) and other documents filed by Puget Energy
at the SEC’s website at www.sec.gov. The proxy statement and
such other documents may also be obtained at no cost from Puget Energy by
directing the request to Puget Energy, 10885
NE
4th Street,
PSE-08, Bellevue, WA 98004, Attention: Sue Gladfelter.
PARTICIPANTS
IN THE SOLICITATION
Puget
Energy, its directors, executive officers and other members of its management,
employees, and certain other persons may be deemed to be participants in the
solicitation
of
proxies from Puget Energy shareholders in connection with the proposed
transaction. Information about the interests of Puget Energy’s
participants in the solicitation is set forth in Puget Energy’s proxy statements
and Annual Reports on Form 10-K, previously filed with the SEC, and in the
proxy
statement relating to the transaction when it becomes
available.
November
9, 2007
Dear
Former Puget Sound Energy Employee,
On
Friday, October 26, we announced that we signed a merger agreement with
long-term investors to obtain the capital and flexibility we need to continue
to
strengthen and grow the company in the years ahead. This will help us
concentrate on our core business of providing safe and reliable service to
our
customers. It will provide us with the $5 billion we need over the next five
years to upgrade our aging infrastructure and to introduce expanded energy
efficiency programs and more renewable energy resources to fulfill the booming
energy needs of our region.
I’m
excited about this agreement and I’d like to be sure that you understand the
proposed merger and what it means for all of us connected with Puget Sound
Energy.
The
agreement is with a North American infrastructure fund consortium led by
Macquarie Infrastructure Partners, the Canada Pension Plan Investment Board
and
the British Columbia Investment Management Corporation. The consortium has
significant experience in managing infrastructure and utility investments in
the
United States and around the world, and has proven track records partnering
with
existing management to support the performance, stewardship and growth of those
businesses.
This
is
not a merger like the one between Washington Natural Gas and Puget Power a
decade ago. It is not a consolidation move. Job reductions and cost cutting
are
not foreseen. Our new investment partners value the company and its employees
and will continue current operations, management and union contracts. The
consortium will honor the current collective bargaining agreements in place
with
the International Brotherhood of Electric Workers, Local 77, and the United
Association of Journeymen and Apprentices of the Plumbing and Pipefitting
Industry of the United States and Canada, Local 26 and Local 32, for PSE’s
represented employees, as
well
as existing wage and primary benefits for all employees and
retirees.
As
I told
PSE employees at a recent meeting, it will be business as usual, only better.
We
do not anticipate that the merger will impact the PSE Retirement Plan or the
Supplemental Retirement Plan (SERP). The Retirement Plan continues to
be well funded, and will continue to be administered by PSE’s Retirement Plan
Committee, made up of company officers. The process to begin your benefit
payments from either plan has not changed either. When you are eligible to
receive payment, or for those already eligible who want to begin receiving
your
benefit, please contact the Milliman Benefits Service Center at
1-800-727-6915 for your pension and contact Tom Hunt at PSE 1-425-462-3309
for starting your SERP.
The
transaction is expected to close during the second half of 2008, subject to
approval by Puget Energy’s shareholders, such as you, and regulatory approvals,
including those from the Washington Utilities and Transportation Commission
and
the Federal Energy Regulatory Commission. Upon completion of the merger,
shareholders will be paid $30 per share.
I
truly
believe that with this merger I will have done something for everyone –
customers, employees, retirees and shareholders. It is good for Washington
and
good for Puget Sound Energy.
We
will
provide you with regular updates as the transaction unfolds. Please look for
additional information and updates on PugetEnergy.com and in the New &
Notable section of PSE.com.
Sincerely,
/s/Stephen
P. Reynolds
Stephen
P. Reynolds
Chairman,
President and CEO
ADDITIONAL
INFORMATION AND WHERE TO FIND IT
In
connection with the proposed transaction, Puget Energy will file a proxy
statement with the Securities and Exchange Commission (SEC). Before
making any voting or investment decision, investors and security holders of
Puget Energy are urged to carefully read the entire proxy statement and any
other relevant documents filed with the SEC, as well as any amendments
or
supplements to those document, because they will contain important information
about the proposed transaction. A definitive proxy statement will be
sent to the shareholders of Puget Energy in connection with the proposed
transaction. Investors and security holders may obtain a free copy of
the proxy statement (when available) and other documents filed by Puget Energy
at the SEC’s website at www.sec.gov. The proxy statement and
such other documents may also be obtained at no cost from Puget Energy by
directing the request to Puget Energy, 10885
NE
4th Street,
PSE-08, Bellevue, WA 98004, Attention: Sue Gladfelter.
PARTICIPANTS
IN THE SOLICITATION
Puget
Energy, its directors, executive officers and other members of its management,
employees, and certain other persons may be deemed to be participants in the
solicitation
of
proxies from Puget Energy shareholders in connection with the proposed
transaction. Information about the interests of Puget Energy’s
participants in the solicitation is set forth in Puget Energy’s proxy statements
and Annual Reports on Form 10-K, previously filed with the SEC, and in the
proxy
statement relating to the transaction when it becomes available.
November
9, 2007
Dear
Puget Sound Energy Retiree,
On
Friday, October 26, we announced that we signed a merger agreement with
long-term investors to obtain the capital and flexibility we need to continue
to
strengthen and grow the company in the years ahead. This will help us
concentrate on our core business of providing safe and reliable service to
our
customers. It will provide us with the $5 billion we need over the next five
years to upgrade our aging infrastructure and to introduce expanded energy
efficiency programs and more renewable energy resources to fulfill the booming
energy needs of our region.
I’m
excited about this agreement and I’d like to be sure that you understand the
proposed merger and what it means for all of us connected with Puget Sound
Energy.
The
agreement is with a North American infrastructure fund consortium led by
Macquarie Infrastructure Partners, the Canada Pension Plan Investment Board
and
the British Columbia Investment Management Corporation. The consortium has
significant experience in managing infrastructure and utility investments in
the
United States and around the world, and has proven track records partnering
with
existing management to support the performance, stewardship and growth of those
businesses.
This
is
not a merger like the one between Washington Natural Gas and Puget Power a
decade ago. It is not a consolidation move. Job reductions and cost cutting
are
not foreseen. Our new investment partners value the company and its employees
and will continue current operations, management and union contracts. The
consortium will honor the current collective bargaining agreements in place
with
the International Brotherhood of Electric Workers, Local 77, and the United
Association of Journeymen and Apprentices of the Plumbing and Pipefitting
Industry of the United States and Canada, Local 26 and Local 32, for PSE’s
represented employees, as
well
as existing wage and primary benefits for all employees and
retirees.
As
I told
PSE employees at a recent meeting, it will be business as usual, only better.
We
do not anticipate that the merger will impact the PSE Retirement Plan, the
Supplemental Retirement Plan, or your retiree medical coverage. The Retirement
Plan continues to be well funded and you will continue to receive payments
as
you currently do. PSE’s Retirement Plan Committee, made up of company officers,
will continue to administer the Retirement Plan. Similarly, no changes to your
retiree medical coverage or the Supplemental Retirement Plan have been proposed
as a result of the merger. Obviously, we cannot guarantee that changes will
never be made to these programs. However, none are currently expected
to occur as a result of the merger.
The
transaction is expected to close during the second half of 2008, subject to
approval by Puget Energy’s shareholders, such as you, and regulatory approvals,
including those from the Washington Utilities and Transportation Commission
and
the Federal Energy Regulatory Commission. Upon completion of the merger,
shareholders will be paid $30 per share.
I
truly
believe that with this merger I will have done something for everyone –
customers, employees, retirees and shareholders. It is good for Washington
and
good for Puget Sound Energy.
We
will
provide you with regular updates as the transaction unfolds. Please look for
additional information and updates on PugetEnergy.com and in the New &
Notable section of PSE.com.
Sincerely,
/s/Stephen
P. Reynolds
Stephen
P. Reynolds
Chairman,
President and CEO
ADDITIONAL
INFORMATION AND WHERE TO FIND IT
In
connection with the proposed transaction, Puget Energy will file a proxy
statement with the Securities and Exchange Commission (SEC). Before
making any voting or investment decision, investors and security holders of
Puget Energy are urged to carefully read the entire proxy statement and any
other relevant documents filed with the SEC, as well as any amendments
or
supplements to those document, because they will contain important information
about the proposed transaction. A definitive proxy statement will be
sent to the shareholders of Puget Energy in connection with the proposed
transaction. Investors and security holders may obtain a free copy of
the proxy statement (when available) and other documents filed by Puget Energy
at the SEC’s website at www.sec.gov. The proxy statement and
such other documents may also be obtained at no cost from Puget Energy by
directing the request to Puget Energy, 10885
NE
4th Street,
PSE-08, Bellevue, WA 98004, Attention: Sue Gladfelter.
PARTICIPANTS
IN THE SOLICITATION
Puget
Energy, its directors, executive officers and other members of its management,
employees, and certain other persons may be deemed to be participants in the
solicitation of proxies from Puget Energy shareholders in connection with the
proposed transaction. Information about the interests of Puget
Energy’s participants in the solicitation is set forth in Puget Energy’s proxy
statements and Annual Reports on Form 10-K, previously filed with the SEC,
and
in the proxy statement relating to the transaction when it becomes
available.
November
9, 2007
Dear
Former Puget Sound Energy Employee,
On
Friday, October 26, we announced that we signed a merger agreement with
long-term investors to obtain the capital and flexibility we need to continue
to
strengthen and grow the company in the years ahead. This will help us
concentrate on our core business of providing safe and reliable service to
our
customers. It will provide us with the $5 billion we need over the next five
years to upgrade our aging infrastructure and to introduce expanded energy
efficiency programs and more renewable energy resources to fulfill the booming
energy needs of our region.
I’m
excited about this agreement and I’d like to be sure that you understand the
proposed merger and what it means for all of us connected with Puget Sound
Energy.
The
agreement is with a North American infrastructure fund consortium led by
Macquarie Infrastructure Partners, the Canada Pension Plan Investment Board
and
the British Columbia Investment Management Corporation. The consortium has
significant experience in managing infrastructure and utility investments in
the
United States and around the world, and has proven track records partnering
with
existing management to support the performance, stewardship and growth of those
businesses.
This
is
not a merger like the one between Washington Natural Gas and Puget Power a
decade ago. It is not a consolidation move. Job reductions and cost cutting
are
not foreseen. Our new investment partners value the company and its employees
and will continue current operations, management and union contracts. The
consortium will honor the current collective bargaining agreements in place
with
the International Brotherhood of Electric Workers, Local 77, and the United
Association of Journeymen and Apprentices of the Plumbing and Pipefitting
Industry of the United States and Canada, Local 26 and Local 32, for PSE’s
represented employees,
as
well
as existing wage and primary benefits for all employees and
retirees.
As
I told
PSE employees at a recent meeting, it will be business as usual, only better.
We
do not anticipate that the merger will impact the PSE Supplemental Retirement
Plan (SERP). The process to begin your benefit payments from the plan
has not changed either. When you are eligible to receive payment, or for
those already eligible who want to begin receiving your benefit, contact Tom
Hunt at PSE at 1-425-462-3309.
The
transaction is expected to close during the second half of 2008, subject to
approval by Puget Energy’s shareholders, such as you, and regulatory approvals,
including those from the Washington Utilities and Transportation Commission
and
the Federal Energy Regulatory Commission. Upon completion of the merger,
shareholders will be paid $30 per share.
I
truly
believe that with this merger I will have done something for everyone –
customers, employees, retirees and shareholders. It is good for Washington
and
good for Puget Sound Energy.
We
will
provide you with regular updates as the transaction unfolds. Please look for
additional information and updates on PugetEnergy.com and in the New &
Notable section of PSE.com.
Sincerely,
/s/Stephen
P. Reynolds
Stephen
P. Reynolds
Chairman,
President and CEO
ADDITIONAL
INFORMATION AND WHERE TO FIND IT
In
connection with the proposed transaction, Puget Energy will file a proxy
statement with the Securities and Exchange Commission (SEC). Before
making any voting or investment decision, investors and security holders of
Puget Energy are urged to carefully read the entire proxy statement and any
other relevant documents filed with the SEC, as well as any amendments
or
supplements to those document, because they will contain important information
about the proposed transaction. A definitive proxy statement will be
sent to the shareholders of Puget Energy in connection with the proposed
transaction. Investors and security holders may obtain a free copy of
the proxy statement (when available) and other documents filed by Puget Energy
at the SEC’s website at www.sec.gov. The proxy statement and
such other documents may also be obtained at no cost from Puget Energy by
directing the request to Puget Energy, 10885
NE
4th Street,
PSE-08, Bellevue, WA 98004, Attention: Sue Gladfelter.
PARTICIPANTS
IN THE SOLICITATION
Puget
Energy, its directors, executive officers and other members of its management,
employees, and certain other persons may be deemed to be participants in the
solicitation
of
proxies from Puget Energy shareholders in connection with the proposed
transaction. Information about the interests of Puget Energy’s
participants in the solicitation is set forth in Puget Energy’s proxy statements
and Annual Reports on Form 10-K, previously filed with the SEC, and in the
proxy
statement relating to the transaction when it becomes
available.