By Andrea Heisinger
New York, June 8 - Pacific Gas & Electric Co. sold an upsized $500 million of one-year floating-rate senior notes Monday at par to yield three-month Libor plus 95 basis points, an informed source said.
The size was increased from $250 million.
The notes (A3/BBB+) are non-callable and have interest paid quarterly.
Bookrunners were Citigroup Global Markets Inc. and Morgan Stanley & Co. Inc.
Loop Capital Markets LLC and Williams Capital Group LP were co-managers.
Proceeds will be used to support liquidity requirements relating to commodity hedging activities, including repayment of commercial paper.
The electric and natural gas company is based in San Francisco.
| Issuer: | Pacific Gas & Electric Co.
|
| Issue: | Floating-rate senior notes
|
| Amount: | $500 million, increased from $250 million
|
| Maturity: | June 10, 2010
|
| Bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. Inc.
|
| Co-managers: | Loop Capital Markets LLC, Williams Capital Group LP
|
| Coupon: | Three-month Libor plus 95 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 95 bps
|
| Call: | Non-callable
|
| Trade date: | June 8
|
| Settlement date: | June 11
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
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