PG&E 30-year bond sale went at record-low coupon for company

By Andrea Heisinger

New York, April 12 - A source from Pacific Gas & Electric Co. said on Thursday that the previous day's $400 million sale of 30-year senior notes was a success from the company's perspective.

"We were very pleased with the results of the sale," Brian Hertzog, director of corporate relations, said to Prospect News.

"It was a record-low coupon for us for a 30-year note," Hertzog added.

The company's bonds priced at a coupon of 4.45% and spread of 130 basis points over Treasuries.

The offering size was increased from $300 million and the notes priced lower than guidance, a source who worked on the deal said on Wednesday.

Proceeds are being used for general corporate purposes, including repaying a portion of commercial paper.

PG&E is an electric and natural gas utility based in San Francisco.

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