By Andrea Heisinger
New York, Nov. 15 - Pacific Gas & Electric Co. reopened two tranches of senior notes (A3/BBB+/A) late Monday afternoon to add $500 million, an informed source said.
The company reopened its 3.5% notes due Oct. 1, 2020 to add $250 million. The notes priced at 97.264 to yield 3.835% with a spread of Treasuries plus 90 basis points. They have a make-whole call at Treasuries plus 15 bps.
A 5.4% bond due Jan. 15, 2040 was also reopened to add $250 million. These bonds priced at 97.499 to yield 5.574% with a spread of Treasuries plus 118 bps. They have a make-whole call at 20 bps over Treasuries.
The total outstanding on the 10-year notes is now $800 million, including $550 million priced on Sept. 8 at 90 bps over Treasuries. The total on the 30-year bonds is also $800 million, including $550 million sold on Nov. 10, 2009 at 110 bps over Treasuries.
Bookrunners for the reopened notes were Bank of America Merrill Lynch, RBS Securities Inc., UBS Securities LLC and Wells Fargo Securities LLC.
BBVA Securities Inc., Mizuho Securities USA Inc., RBC Capital Markets Corp. and Williams Capital Group LP were the co-managers.
Proceeds are going to repay outstanding commercial paper totaling $435.7 million.
The electric and natural gas utility is based in San Francisco.
| Issuer: | Pacific Gas & Electric Co.
|
| Issue: | Senior notes
|
| Amount: | $500 million, reopened
|
| Bookrunners: | Bank of America Merrill Lynch, RBS Securities Inc., UBS Securities LLC, Wells Fargo Securities LLC
|
| Co-managers: | BBVA Securities Inc., Mizuho Securities USA Inc., RBC Capital Markets Corp., Williams Capital Group LP
|
| Trade date: | Nov. 15
|
| Settlement date: | Nov. 18
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Fitch: A
|
|
|
| Notes due 2020
|
| Amount: | $250 million
|
| Maturity: | Oct. 1, 2020
|
| Coupon: | 3.5%
|
| Price: | 97.264
|
| Yield: | 3.835%
|
| Spread: | Treasuries plus 90 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Total issuance: | $800 million, including $550 million priced Sept. 8, 2010 at 90 bps
|
|
|
| Notes due 2040
|
| Amount: | $250 million
|
| Maturity: | Jan. 15, 2040
|
| Coupon: | 5.4%
|
| Price: | 97.499
|
| Yield: | 5.574%
|
| Spread: | Treasuries plus 118 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Total issuance: | $800 million, including $550 million sold Nov. 10, 2009 at 110 bps
|
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