Pacific Gas & Electric eyes first mortgage bonds via four bookrunners

By Devika Patel

Knoxville, Tenn., June 1 – Pacific Gas & Electric Co. intends to offer first mortgage bonds, according to a 424B5 filing with the Securities and Exchange Commission.

The notes feature a make-whole call and then a par call.

Barclays, BofA Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are the bookrunners.

Proceeds will be used for general corporate purposes, including repaying about $685 million of debt under the company's utility revolving credit facility.

The electric and natural gas utility is based in San Francisco.

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