By Andrea Heisinger
New York, Oct. 6 - Pacific Gas & Electric Co. sold $250 million of one-year senior unsecured floating-rate notes on Wednesday at par to yield three-month Libor plus 58 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes (A3) are non-callable.
Citigroup Global Markets Inc. and Deutsche Bank Securities Inc. ran the books. The co-manager was CastleOak Securities LP.
Proceeds are being used to support the liquidity requirements relating to commodity hedging activities, including using net proceeds to repay a portion of outstanding commercial paper issued to satisfy margin calls relating to that activity.
The electric and natural gas utility is based in San Francisco.
| Issuer: | Pacific Gas & Electric Co.
|
| Issue: | Senior unsecured floating-rate notes
|
| Amount: | $250 million
|
| Maturity: | Oct. 11, 2011
|
| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc.
|
| Co-manager: | CastleOak Securities LP
|
| Coupon: | Three-month Libor plus 58 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 58 bps
|
| Call: | Non-callable
|
| Trade date: | Oct. 6
|
| Settlement date: | Oct. 12
|
| Rating: | Moody's: A3
|
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