Published on 7/14/2022 in the Prospect News Investment Grade Daily.
New Issue: PG&E Wildfire Recovery sells $3.9 billion recovery bonds in five parts
Chicago, July 14 – PG&E Wildfire Recovery Funding LLC priced $3.9 billion of senior secured recovery bonds, series 2022-B (Aaa/AAA) on Wednesday, according to an FWP filed with the Securities and Exchange Commission.
The sponsor, depositor and initial servicer is Pacific Gas & Electric Co.
The five-part deal includes
• $613.08 million tranche A-1 notes with a 4.022% interest rate due Jun 1, 2033 priced at 99.99743;
• $600 million tranche A-2 notes with a 4.722% interest rate due Jun 1, 2037 priced at 99.99371;
• $500.04 million tranche A-3 notes with a 5.081% interest rate due June 1, 2041 priced at 99.99505;
• $1,149,960,000 tranche A-4 notes with a 5.212% interest rate due Dec. 1, 2049 priced at 99.99859; and
• $1,036,920,000 tranche A-5 notes with a 5.099% interest rate due June 1, 2054 priced at 99.99058.
Citigroup Global Markets Inc., Barclays and Goldman Sachs & Co. LLC led the sale.
Joining as passive joint bookrunners are BofA Securities, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Mizuho Securities USA LLC.
The electric and natural gas utility is based in San Francisco.
| Issuer: | PG&E Wildfire Recovery Funding LLC
|
| Sponsor: | Pacific Gas & Electric Co.
|
| Amount: | $3.9 billion
|
| Issue: | Senior secured recovery bonds
|
| Bookrunners: | Citigroup Global Markets Inc., Barclays, Goldman Sachs & Co. LLC, BofA Securities, Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Mizuho Securities USA LLC
|
| Co-managers: | AmeriVet Securities, Inc., Blaylock Van, LLC, Loop Capital Markets LLC, MFR Securities, Inc. and R. Seelaus & Co., LLC
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Trade date: | July 13
|
| Settlement date: | July 20
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Distribution: | SEC registered
|
|
|
| A-1 tranche
|
| Amount: | $613.08 million
|
| Maturity: | June 1, 2033
|
| Coupon: | 4.022%
|
| Price: | 99.99743
|
| Cusip: | 693342AF4
|
|
|
| A-2 tranche
|
| Amount: | $600 million
|
| Maturity: | June 1, 2039
|
| Coupon: | 4.722%
|
| Price: | 99.99371
|
| Cusip: | 693342AG2
|
|
|
| A-3 tranche
|
| Amount: | $500.04 million
|
| Maturity: | June 1, 2043
|
| Coupon: | 5.081%
|
| Price: | 99.99505
|
| Cusip: | 693342AH0
|
|
|
| A-4 tranche
|
| Amount: | $1,149,960,000
|
| Maturity: | Dec. 1, 2049
|
| Coupon: | 5.212%
|
| Price: | 99.99859
|
| Cusip: | 693342AJ6
|
|
|
| A-5 tranche
|
| Amount: | $1,036,920,000
|
| Maturity: | June 1, 2054
|
| Coupon: | 5.099%
|
| Price: | 99.99058
|
| Cusip: | 693342AK3
|
|
|
|
|
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