Filed pursuant to Rule 433
Registration Statement No. 333-132497-01
January 20, 2009
Puget Sound Energy, Inc.
$250,000,000 6.75% Senior Notes due January 15, 2016
PRICING TERM SHEET
| Issuer: |
Puget Sound Energy, Inc. | |
| Anticipated Ratings*: |
Baa2 by Moody’s Investors Service Inc. A- by Standard & Poor’s Ratings Services | |
| Principal Amount: |
$250,000,000 | |
| Security Type: |
Senior Notes | |
| Issue Price: |
100% of principal amount | |
| Trade Date: |
January 20, 2009 | |
| Settlement Date: |
January 23, 2009 | |
| Maturity Date: |
January 15, 2016 | |
| Coupon: |
6.75% | |
| Benchmark Treasury: |
4.50% due February 15, 2016 | |
| Treasury Price: |
116-25 | |
| Treasury Yield: |
1.947% | |
| Spread to Benchmark: |
480.3 basis points | |
| Reoffer Yield: |
6.750% | |
| Interest Payment Dates: |
Semi-annually on January 15 and July 15, commencing on July 15, 2009 | |
| Make-whole Call: |
At any time at a discount rate of Treasury plus T+50 basis points | |
| Denominations: |
$1,000 and integral multiples of $1,000 | |
| Joint Book-Running Managers: |
Barclays Capital Inc. (25%) | |
| Scotia Capital (USA) Inc. (25%) | ||
| Wachovia Capital Markets, LLC (25%) | ||
| Co-Managers: |
KeyBanc Capital Markets (8.34%) | |
| Banc of America Securities LLC (8.33%) | ||
| Dresdner Kleinwort Securities LLC (8.33%) | ||
| CUSIP: |
745332 BZ8 |
| * | 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 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 1 888-227-2275, Ext. 2663, Scotia Capital (USA) Inc by calling 1-800-372-3930 and Wachovia Capital Markets, LLC by calling 800-326-5897.