By Andrea Heisinger
Omaha, Nov. 28 - Pacific Gas & Electric Co. priced $500 million in 5.625% 10-year senior notes Wednesday to yield Treasuries plus 167 basis points, a market source said.
The notes (Baa1/BBB+/A-) priced at 99.458 to yield 5.697%.
There is a make-whole call of Treasuries plus 30 bps.
Bookrunners were BNP Paribas, J.P. Morgan Securities Inc. and Morgan Stanley.
Proceeds will be used to repay outstanding commercial paper and for working capital.
The gas and electricity provider is based in San Francisco.
| Issuer: | Pacific Gas & Electric Co.
|
| Issue: | Senior notes
|
| Amount: | $500 million
|
| Maturity: | Nov. 30, 2017
|
| Bookrunners: | BNP Paribas, J.P. Morgan Securities Inc., Morgan Stanley
|
| Coupon: | 5.625%
|
| Price: | 99.458
|
| Yield: | 5.697%
|
| Spread: | Treasuries plus 167 bps
|
| Call: | Make-whole at Treasuries plus 30 bps
|
| Trade date: | Nov. 28
|
| Settlement date: | Dec. 4
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB+
|
| Fitch: A-
|
© 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.
