By Andrea Heisinger
New York, May 10 - Pacific Gas & Electric Co. sold $300 million of 4.25% 10-year senior notes on Tuesday to yield Treasuries plus 108 basis points, according to an informed source and an FWP filing with the Securities and Exchange Commission.
The notes (A3/BBB+/A) were priced at 99.919 to yield 4.26%.
The notes are callable prior to Feb. 15, 2021 at the greater of par or a make-whole of Treasuries plus 15 bps. The notes can be redeemed at par after that date.
Barclays Capital Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC were the bookrunners.
Proceeds are being used 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 notes
|
| Amount: | $300 million
|
| Maturity: | May 15, 2021
|
| Bookrunners: | Barclays Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
|
| Coupon: | 4.25%
|
| Price: | 99.919
|
| Yield: | 4.26%
|
| Spread: | Treasuries plus 108 bps
|
| Call: | Prior to Feb. 15, 2021 at the greater of par or a make-whole of Treasuries plus 15 bps, and after that date at par
|
| Trade date: | May 10
|
| Settlement date: | May 13
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
| Fitch: A
|
© 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.
