By Andrea Heisinger
New York, April 11 - Pacific Gas & Electric Co. sold an upsized $400 million of 4.45% 30-year senior notes on Wednesday to yield Treasuries plus 130 basis points, an informed source said.
The size of the trade was increased from $300 million. The deal was priced lower than guidance in the mid-100 bps area, the source said.
The notes (A3/BBB/) were priced at 99.491 to yield 4.481%. There is a make-whole call at 20 bps over Treasuries until Oct. 15, 2041 and a par call after that date.
Active bookrunners were Goldman Sachs & Co., J.P. Morgan Securities LLC and Wells Fargo Securities LLC. Passive bookrunner was Loop Capital Markets LLC.
Co-managers were BNY Mellon Capital Markets LLC, RBC Capital Markets LLC, MFR Securities Inc. and Mischler Financial Inc.
Proceeds will be used for general corporate purposes, including repaying 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: | $400 million, upsized from $300 million
|
| Maturity: | April 15, 2042
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities LLC, Wells Fargo Securities LLC (active), Loop Capital Markets LLC (passive)
|
| Co-managers: | BNY Mellon Capital Markets LLC, RBC Capital Markets LLC, MFR Securities Inc., Mischler Financial Inc.
|
| Coupon: | 4.45%
|
| Price: | 99.491
|
| Yield: | 4.481%
|
| Spread: | Treasuries plus 130 bps
|
| Call: | Make-whole at Treasuries plus 20 bps until Oct. 15, 2041, par call after
|
| Trade date: | April 11
|
| Settlement date: | April 16
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB
|
| Price talk: | Mid-100 bps area
|
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