Published on 11/22/2022 in the Prospect News Investment Grade Daily.
New Issue: PG&E Recovery prices $983.36 million secured recovery bonds
By William Gullotti
Buffalo, N.Y., Nov. 22 – Pacific Gas & Electric Co. priced $983,362,000 of senior secured recovery bonds through issuing entity PG&E Recovery Funding LLC, according to a FWP filing with the Securities and Exchange Commission.
The offer includes $214,922,000 in an A-1 tranche due July 15, 2034 with a 5.045% coupon, priced at 99.99935.
A $200 million A-2 tranche due Jan. 15, 2040 priced with a 5.256% coupon at 99.99866.
The last tranche priced as $568.44 million of A-3 notes due July 15, 2049 with a 5.536% coupon at 99.98851.
The notes are non-callable.
Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and J. P. Morgan Securities LLC are the joint bookrunners.
The notes are not asset-backed notes.
The electric and natural gas utility is based in San Francisco.
| Issuer: | PG&E Recovery Funding LLC
|
| Amount: | $983,362,000
|
| Issue: | Senior secured recovery bonds, series 2022-A
|
| Bookrunners: | Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and J. P. Morgan Securities LLC
|
| Co-managers: | Academy Securities, Inc., Cabrera Capital Markets LLC, Mischler Financial Group, Inc. and Penserra Securities LLC
|
| Trustee: | Bank of New York Mellon Trust Co., NA
|
| Call features: | Non-callable
|
| Puts: | Non-putable
|
| Pricing date: | Nov. 18
|
| Settlement date: | Nov. 30
|
| Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
| Distribution: | SEC registered
|
|
|
| A-1 series
|
| Amount: | $214,922,000
|
| Final payment date: | July 15, 2032
|
| Maturity: | July 15, 2034
|
| Average life: | 5.29 years
|
| Coupon: | 5.045%
|
| Price: | 99.99935
|
| Cusip: | 71710TAD0
|
|
|
| A-2 series
|
| Amount: | $200 million
|
| Final payment date: | Jan. 15, 2038
|
| Maturity: | Jan. 15, 2040
|
| Average life: | 12.49 years
|
| Coupon: | 5.256%
|
| Price: | 99.99866
|
| Cusip: | 71710TAE8
|
|
|
| A-3 series
|
| Amount: | $568.44 million
|
| Final payment date: | July 15, 2047
|
| Maturity: | July 15, 2049
|
| Average life: | 20.52 years
|
| Coupon: | 5.536%
|
| Price: | 99.98851
|
| Cusip: | 71710TAF5
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
