PG&E offers three tranches of fixed-rate first mortgage bonds

Chicago, June 6 – Pacific Gas & Electric Co. is selling three tranches of fixed-rate first mortgage bonds, according to a 424B5 filing with the Securities and Exchange Commission.

Each tranche will have make-whole call provisions and par call provisions.

BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc. and Credit Suisse Securities (USA) LLC have been given the mandate to sell the notes.

The mortgage trustee is Bank of New York Mellon Trust Co., NA.

Hunton Andrews Kurth LLP is advising PG&E. Davis Polk & Wardwell LLP is working as counsel for the underwriters.

Proceeds will be used for general corporate purposes, including the repayment of borrowings under the company’s utility revolving credit facility. As of Friday, there was $2.56 billion borrowed on the facility.

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

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