By Andrea Heisinger
New York, Nov. 10 - Pacific Gas & Electric Co. priced $550 million of 5.4% senior notes due Jan. 15, 2040 on Tuesday to yield 110 basis points over Treasuries, an informed source said.
Price guidance was based on outstanding notes from the issuer, the source said, which was how it was sold at 110 bps.
The notes (A3/BBB+/) priced at 98.579 to yield 5.496%. There is a make-whole call at Treasuries plus 20 bps.
Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and RBS Securities Inc. were bookrunners.
Co-managers were Wells Fargo Securities, Mitsubishi UFJ Securities, Blaylock Robert Van LLC, CastleOak Securities LP, Loop Capital Markets LLC and Ramirez & Co.
Proceeds are going toward working capital.
The electric and natural gas subsidiary of PG&E Corp. is based in San Francisco.
| Issuer: | Pacific Gas & Electric
|
| Issue: | Senior notes
|
| Amount: | $550 million
|
| Maturity: | Jan. 15, 2040
|
| Bookrunners: | Bank of New York Mellon, Deutsche Bank Securities Inc., RBS Securities Inc.
|
| Co-managers: | Wells Fargo Securities, Mitsubishi UFJ Securities, Blaylock Robert Van LLC, CastleOak Securities LP, Loop Capital Markets LLC, Ramirez & Co.
|
| Coupon: | 5.4%
|
| Price: | 98.579
|
| Yield: | 5.496%
|
| Spread: | Treasuries plus 110 bps
|
| Call: | Make-whole at Treasuries plus 20 bps
|
| Trade date: | Nov. 10
|
| Settlement date: | Nov. 18
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Price talk: | 110 bps, based on secondary
|
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