Pricing Supplement No. 7 Dated October 29, 1997
(To Prospectus dated July 20, 1993)
Filed Pursuant to Rule 424(b) (3)
Registration No. 33-49367
PUBLIC SERVICE ELECTRIC AND GAS COMPANY
SECURED MEDIUM-TERM NOTES, SERIES A
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CUSIP Number: 74456Q AG 1 Interest Rate: 7.04%
Principal Amount: $9,000,000 Interest Payment Dates: January 1 and
July 1, commencing January 1, 1998
Maturity Date: November 6, 2020
Price to Public: 100% of Principal Trade Date: October 29, 1997
Amount
Original Issue Date: November 6, 1997
These Notes are DTC Eligible and will Net Proceeds to Company: $8,932,500
be issued in Book-Entry Form Only
Agents' Discount or Commission: $67,500
Interest From: November 6, 1997
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Optional Redemption Provisions:
The Notes will not be subject to redemption prior to maturity either as a
whole or in part at the option of Public Service Electric and Gas Company
("Company").
Certain Financial Information:
The following documents heretofore filed by the Company with the Securities
and Exchange Commission are incorporated herein by reference:
1. The Company's Annual Report on Form 10-K for the year ended
December 31, 1996, filed pursuant to the Securities Exchange Act of 1934
("1934 Act").
2. The Company's Quarterly Report on Form 10-Q for the quarter ended
March 31, 1997, filed pursuant to the 1934 Act.
3. The Company's Quarterly Report on Form 10-Q for the quarter ended
June 30, 1997, filed pursuant to the 1934 Act.
4. The Company's Current Reports on Form 8-K dated January 24, 1997 and
January 29, 1997, filed pursuant to the 1934 Act.
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Use of Proceeds:
The net proceeds from the sale of the Notes will be added to the general
funds of the Company and will be used to finance a portion of the Company's
payment for the repurchase of $9,000,000 principal amount of the Company's First
and Refunding Mortgage Bonds, 9 1/4% Series CC on October 31, 1997.
Agents:
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Merrill Lynch & Co.
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Citicorp Securities, Inc.
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X Morgan Stanley & Co Incorporated
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