Pacific Gas & Electric offers sustainability first mortgage bonds

By Marisa Wong

Los Angeles, March 28 – Pacific Gas & Electric Co. plans to price first mortgage bonds, according to a 424B5 filing with the Securities and Exchange Commission.

The sustainability mortgage bonds will feature a make-whole call and then a par call.

BMO Capital Markets Corp., BNP Paribas Securities Corp., BofA Securities, Inc. and Wells Fargo Securities, LLC are the joint bookrunners with Wells Fargo as sustainability structuring agent.

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

Hunton Andrews Kurth LLP will act as counsel for the issuer. Davis Polk & Wardwell LLP will be counsel for the underwriters.

Proceeds will be used to finance or refinance, in whole or in part, new or existing eligible green projects, addressing renewable energy, clean transportation, energy efficiency and pollution prevention and control; or eligible social projects relating to socioeconomic advancement and empowerment.

Pending full allocation of proceeds, the company expects to use funds to repay borrowings outstanding under its utility revolving credit facility. As of March 23, borrowings under the revolver totaled about $1.22 billion.

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

© 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.