By Devika Patel
Knoxville, Tenn., Nov. 12 – Pacific Gas & Electric Co. priced $1.45 billion of one-year floating-rate first mortgage bonds (Baa3/BBB-/BBB-) on Thursday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at Libor plus 137.5 basis points and were sold at par.
BofA Securities Inc., Mizuho Securities USA Inc., MUFG and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including repaying debt under the company's accounts receivable facility and its revolving credit facility.
The electric and natural gas utility is based in San Francisco.
| Issuer: | Pacific Gas & Electric Co.
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| Amount: | $1.45 billion
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| Description: | Floating-rate first mortgage bonds
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| Maturity: | Nov. 15, 2021
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| Bookrunners: | BofA Securities Inc., Mizuho Securities USA Inc., MUFG and Wells Fargo Securities LLC
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| Co-managers: | AmeriVet Securities, Inc. and Great Pacific Securities
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| Coupon: | Libor plus 137.5 bps
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| Price: | Par
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| Yield: | Libor plus 137.5 bps
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| Call: | Non-callable
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| Trade date: | Nov. 12
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| Settlement date: | Nov. 16
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB-
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| Fitch: BBB-
|
| Distribution: | SEC registered
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