By Andrea Heisinger
New York, March 26 - Pacific Gas & Electric Co. reopened its issue of 5.8% senior notes due March 1, 2037 on Friday to add $250 million, according to an FWP filing with the Securities and Exchange Commission.
The notes (A3/BBB+/) priced at 98.455 to yield 5.915% with a spread of Treasuries plus 115 basis points. The notes have a make-whole call at Treasuries plus 25 bps.
Total issuance is $950 million, including $700 million issued on March 8, 2007.
Active bookrunners were Barclays Capital Inc. and Morgan Stanley & Co. Inc. Passive bookrunners were Blaylock Robert Van LLC and Samuel A. Ramirez & Co.
Proceeds will be used to repay outstanding commercial paper.
The electric and natural gas company is based in San Francisco.
| Issuer: | Pacific Gas & Electric Co.
|
| Issue: | Senior notes
|
| Amount: | $250 million, reopened
|
| Maturity: | March 1, 2037
|
| Bookrunners: | Barclays Capital Inc., Morgan Stanley & Co. Inc. (active), Blaylock Robert Van LLC, Samuel A. Ramirez & Co.
|
| Coupon: | 5.8%
|
| Price: | 98.455
|
| Yield: | 5.915%
|
| Spread: | Treasuries plus 115 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Trade date: | March 26
|
| Settlement date: | April 1
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Total issuance: | $950 million, including $700 million issued March 8, 2007
|
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