By Andrea Heisinger
New York, Nov. 28 - Pacific Gas & Electric Co. priced $250 million of 4.5% 30-year bonds on Monday to yield 160 basis points over Treasuries, a source away from the deal said.
The securities (A3/BBB+/) were priced at 99.655 to yield 4.521%. They have a make-whole call at Treasuries plus 25 bps until June 15, 2041 and can be called after that date at par.
BNP Paribas Securities Corp., Bank of America Merrill Lynch and UBS Securities LLC were the bookrunners.
Co-managers were Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc. and Samuel A. Ramirez & Co. Inc.
Proceeds will be used for general corporate purposes, including repayment of a portion of commercial paper.
The electric and natural gas company is based in San Francisco.
| Issuer: | Pacific Gas & Electric Co.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Maturity: | Dec. 15, 2041
|
| Bookrunners: | BNP Paribas Securities Corp., Bank of America Merrill Lynch, UBS Securities LLC
|
| Co-managers: | Mitsubishi UFJ Securities (USA), Inc., Mizuho Securities USA Inc., Samuel A. Ramirez & Co. Inc.
|
| Coupon: | 4.5%
|
| Price: | 99.655
|
| Yield: | 4.521%
|
| Spread: | Treasuries plus 160 bps
|
| Call: | Make-whole at Treasuries plus 25 bps until June 15, 2041, after at par.
|
| Trade date: | Nov. 28
|
| Settlement date: | Dec. 1
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
