By Andrea Heisinger
New York, Sept. 8 - Pacific Gas & Electric Co. sold an upsized $550 million of 3.5% 10-year senior unsecured notes on Wednesday to yield 90 basis points over Treasuries, an informed source said.
The size was initially $400 million, with the extra $150 million added due to demand.
The notes (A3/BBB+/) priced at 99.504 to yield 3.559%. They are callable at a make-whole amount of Treasuries plus 15 bps.
BNP Paribas Securities Corp., Goldman Sachs & Co. and J.P. Morgan Securities Inc. were the bookrunners.
Co-managers were Aladdin Capital LLC, Mitsubishi UFJ Securities and U.S. Bancorp Investments Inc.
Proceeds are going to repay a portion of outstanding commercial paper.
The electric and natural gas utility is based in San Francisco.
| Issuer: | Pacific Gas & Electric Co.
|
| Issue: | Senior unsecured notes
|
| Amount: | $550 million, increased from $400 million
|
| Maturity: | Oct. 1, 2020
|
| Bookrunners: | BNP Paribas Securities Corp., Goldman Sachs & Co., J.P. Morgan Securities Inc.
|
| Co-managers: | Aladdin Capital LLC, Mitsubishi UFJ Securities, U.S. Bancorp Investments Inc.
|
| Coupon: | 3.5%
|
| Price: | 99.504
|
| Yield: | 3.559%
|
| Spread: | Treasuries plus 90 bps
|
| Call: | Make-whole at Treasuries plus 15 bps
|
| Trade date: | Sept. 8
|
| Settlement date: | Sept. 15
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
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