PUGET ENERGY INC /WA: debt financing — Puget Energy issues $900M in junior subordinated notes due 2056

PUGET ENERGY INC /WA

Issued $450M of 7.000% Series A notes and $450M of 7.250% Series B notes, both due Sept 15, 2056.
Proceeds used to repay ~$430M of senior secured credit facility and for general corporate purposes.
Notes are unsecured junior subordinated obligations, ranking junior to all senior indebtedness.
Interest rates reset after initial periods (2031 for Series A, 2036 for Series B) with floors at initial rates.
Registration Rights Agreement requires exchange offer; failure triggers additional interest up to 1% per annum.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

PUGET ENERGY INC /WA incurred senior notes of $450,000,000 aggregate principal amount of 7.000% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056, Series A with Computershare Trust Company, National Association, as trustee at 7.000% per annum from March 27, 2026 to September 15, 2031, thereafter Five-Year maturing September 15, 2056.

Instrument: senior notes
Principal: $450,000,000 aggregate principal amount of 7.000% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056, Series A
Counterparty: Computershare Trust Company, National Association, as trustee
Rate: 7.000% per annum from March 27, 2026 to September 15, 2031, thereafter Five-Year
Maturity: September 15, 2056
Event: incurrence

Exact text from the filing

the Company issued $450,000,000 aggregate principal amount of 7.000% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056, Series A (the “Series A Notes”) and $450,000,000 aggregate principal amount of 7.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056, Series B (the “Series B Notes” and together with the Series A Notes, the “Notes”).

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

PUGET ENERGY INC /WA incurred senior notes of $450,000,000 aggregate principal amount of 7.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056, Series B with Computershare Trust Company, National Association, as trustee at 7.250% per annum from March 27, 2026 to September 15, 2036, thereafter Five-Year maturing September 15, 2056.

Instrument: senior notes
Principal: $450,000,000 aggregate principal amount of 7.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056, Series B
Counterparty: Computershare Trust Company, National Association, as trustee
Rate: 7.250% per annum from March 27, 2026 to September 15, 2036, thereafter Five-Year
Maturity: September 15, 2056
Event: incurrence

Exact text from the filing

the Company issued $450,000,000 aggregate principal amount of 7.000% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056, Series A (the “Series A Notes”) and $450,000,000 aggregate principal amount of 7.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2056, Series B (the “Series B Notes” and together with the Series A Notes, the “Notes”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PUGET ENERGY INC /WA entered into Registration Rights Agreement with Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, and Wells Fargo Securities, LLC (effective 2026-03-27).

Action: entry
Agreement: underwriting
Counterparty: Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, and Wells Fargo Securities, LLC
Effective: 2026-03-27

Exact text from the filing

On March 27, 2026, in connection with the issuance of the Notes, the Company agreed, pursuant to a Registration Rights Agreement (the “Registration Rights Agreement”), among the Company and Barclays Capital Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, and Wells Fargo Securities, LLC and each of the other initial purchasers named in Schedule A (the “Initial Purchasers”) to the Purchase Agreement dated March 24, 2026 among the Company and the Initial Purchasers (the “Purchase Agreement”), to register the Notes under the Securities Act so as to allow holders

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PUGET ENERGY INC /WA entered into Junior Subordinated Indenture with Computershare Trust Company, National Association valued at $450,000,000 aggregate principal amount of 7.000% Fixed-to-Fixed Reset Rate Junior Subordinated Note (effective 2026-03-27).

Action: entry
Agreement: notes offering
Counterparty: Computershare Trust Company, National Association
Value: $450,000,000 aggregate principal amount of 7.000% Fixed-to-Fixed Reset Rate Junior Subordinated Note
Effective: 2026-03-27

Exact text from the filing

On March 27, 2026, Puget Energy, Inc. (the “Company”) entered into a Junior Subordinated Indenture, dated as of March 27, 2026 (the “Base Indenture”), as supplemented by the First Supplemental Indenture dated as of March 27, 2026 (the “Supplemental Indenture” and together with the Base Indenture, the “Indenture”), with Computershare Trust Company, National Association, as trustee.

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Source: SEC EDGAR

accession 0001193125-26-128936

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