By Andrea Heisinger
New York, Oct. 16 - Pacific Gas & Electric Co. priced $600 million of 8.25% 10-year senior notes Thursday to yield Treasuries plus 455.7 basis points, market sources said.
The notes (A3/BBB+/) priced at 98.343 to yield 8.5%.
There is a make-whole redemption option of Treasuries plus 50 bps.
There was no formal price talk for the issue, a source said, adding that it went straight into a launch.
Bookrunners were Banc of America Securities LLC, Citigroup Global Markets Inc. and Deutsche Bank Securities.
Proceeds will be used to repay commercial paper and for working capital.
The electric and natural gas company and subsidiary of PG&E Corp. is based in San Francisco.
| Issuer: | Pacific Gas & Electric Co.
|
| Issue: | Senior notes
|
| Amount: | $600 million
|
| Maturity: | Oct. 15, 2018
|
| Bookrunners: | Banc of America Securities LLC, Citigroup Global Markets Inc., Deutsche Bank Securities
|
| Coupon: | 8.25%
|
| Price: | 98.343
|
| Yield: | 8.5%
|
| Spread: | Treasuries plus 455.7 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | Oct. 16
|
| Settlement date: | Oct. 21
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
© 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.
