09/15/2021 | Press release | Archived content
Hunton Andrews Kurth LLP acted as counsel to the initial purchasers in connection with Puget Sound Energy, Inc.'s ("PSE") issuance of $450 million aggregate principal amount of its 2.893% Senior Secured Notes due 2051 (the "Senior Secured Notes"). The Senior Secured Notes are secured by a security interest in a series of PSE's first mortgage bonds issued pursuant to electric utility mortgage.
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. Puget Sound Energy 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 June 30, 2021, PSE had approximately 1,196,045 electric customers, of which approximately 88.0% were residential customers, 11.1% were commercial customers and 0.9% were industrial, transportation and other customers. At June 30, 2021, PSE had approximately 859,497 gas customers, of which approximately 93.1% were residential customers, 6.6% were commercial customers and 0.3% were industrial and transportation customers.
The Hunton Andrews Kurth team included Peter K. O'Brien, Brendan P. Harney, Matthew A. Hayes and Reuben H. Pearlman. Robert J. McNamara and Tim Strother provided tax advice.