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PG&E offers first mortgage bonds in five tranches
By Rebecca Melvin
Concord, N.H., Feb. 16 – Pacific Gas & Electric Co. is offering five series of first mortgage bonds, including one floating-rate tranche with a rate based on a margin over SOFR, according to a 424B5 filing with the Securities and Exchange Commission.
The floating-rate tranche is non-callable and the other tranches have a make-whole call followed by a par call.
BofA Securities Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Mizuho Securities USA Inc. are joint bookrunning managers of the offering.
Bank of New York Mellon Trust Co., NA is the trustee.
The proceeds are expected to be used to prepay all of the loans outstanding under the utility’s 18-month term loan facility pursuant to the utility’s term loan credit agreement, amounting to $1.298 billion. Remaining net proceeds from the offering will be used for general corporate purposes, including the repayment of borrowings outstanding under the utility’s revolving credit facility.
The electric and natural gas utility is based in San Francisco.
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