By Andrea Heisinger
New York, Sept. 7 - Pacific Gas & Electric Co. priced $250 million of 3.25% 10-year senior notes on Wednesday to yield Treasuries plus 130 basis points, according to an FWP filing with the Securities and Exchange Commission and an informed source.
The notes (A3/BBB+/) were sold at 99.475 to yield 3.312%. They have a make-whole call at Treasuries plus 20 bps until June 15, 2021 and can be redeemed after that date at par.
Bookrunners were Citigroup Global Markets Inc., Morgan Stanley & Co. LLC and Williams Capital Group LP.
U.S. Bancorp Investments Inc. was a co-manager.
Proceeds are being used to redeem $200 million of pollution control bonds maturing on Dec. 1, 2016, to pay a redemption premium of $4 million on the bonds to the redemption date and for general corporate purposes, including repayment of a portion of commercial paper.
The electric and natural gas utility is based in San Francisco.
| Issuer: | Pacific Gas & Electric Co.
|
| Issue: | Senior notes
|
| Amount: | $250 million
|
| Maturity: | Sept. 15, 2021
|
| Bookrunners: | Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, Williams Capital Group LP
|
| Co-manager: | U.S. Bancorp Investments Inc.
|
| Coupon: | 3.25%
|
| Price: | 99.475
|
| Yield: | 3.312%
|
| Spread: | Treasuries plus 130 bps
|
| Call: | Make-whole at Treasuries plus 20 bps until June 15, 2021, after at par
|
| Trade date: | Sept. 7
|
| Settlement date: | Sept. 12
|
| 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.
