By Andrea Heisinger
New York, Aug. 13 - Pacific Gas & Electric Co. sold $750 million of senior notes (A3/BBB/) in two parts on Monday, a market source said.
A $400 million tranche of 2.45% 10-year notes priced at 99.709 to yield 2.483% with a spread of 85 basis points over Treasuries.
There is a make-whole call at 15 bps over Treasuries until May 15, 2022 and a par call after that date.
The second part was $350 million of 3.75% 30-year bonds sold at 99.911 to yield 3.755% with a spread of 105 bps over Treasuries.
The bonds can be called at 20 bps over Treasuries until Feb. 15, 2042 with a par call after that date.
Bookrunners were Barclays, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and RBS Securities Inc.
Blaylock Robert Van LLC, Mitsubishi UFJ Securities (USA) Inc., Ramirez & Co. Inc., C.L. King & Associates and Lebenthal & Co. LLC were the co-managers.
Proceeds will be used for general corporate purposes, including commercial paper repayment.
PG&E, a San Francisco-based electric and natural gas utility, last sold $400 million of 4.45% bonds due 2042 at 130 bps over Treasuries on April 11.
| Issuer: | Pacific Gas & Electric Co.
|
| Issue: | Senior notes
|
| Amount: | $750 million
|
| Bookrunners: | Barclays, Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, RBS Securities Inc.
|
| Co-managers: | Blaylock Robert Van LLC, Mitsubishi UFJ Securities (USA) Inc., Ramirez & Co. Inc., C.L. King & Associates, Lebenthal & Co. LLC
|
| Trade date: | Aug. 13
|
| Settlement date: | Aug. 16
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB
|
|
|
| 10-year notes
|
| Amount: | $400 million
|
| Maturity: | Aug. 15, 2022
|
| Coupon: | 2.45%
|
| Price: | 99.709
|
| Yield: | 2.483%
|
| Spread: | Treasuries plus 85 bps
|
| Call: | Make-whole at Treasuries plus 15 bps until May 15, 2022, par call after
|
|
|
| 30-year bonds
|
| Amount: | $350 million
|
| Maturity: | Aug. 15, 2042
|
| Coupon: | 3.75%
|
| Price: | 99.911
|
| Yield: | 3.755%
|
| Spread: | Treasuries plus 105 bps
|
| Call: | Make-whole at Treasuries plus 20 bps to Feb. 15, 2042, par call after
|
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