PG&E eyeing two-part offering of senior notes

By Aleesia Forni

Virginia Beach, Aug. 7 – Pacific Gas and Electric Co. is eyeing an offering of senior notes in two tranches, according to a 424B5 filing with the Securities and Exchange Commission.

The sale is expected to include a fixed-rate tranche of notes, along with a tap of the company’s existing 4.75% senior notes due Feb. 15, 2044.

The original $450 million issue priced at Treasuries plus 105 basis points on Feb. 18.

The bookrunners are BofA Merrill Lynch, Goldman Sachs & Co., RBC Capital Markets LLC and Wells Fargo Securities LLC.

SMBC Nikko Securities America, Inc., TD Securities (USA) LLC and Williams Capital Group, LP are the co-managers.

Both series will feature a make-whole call.

Proceeds will be used for general corporate purposes.

The electric and natural gas utility is based in San Francisco.

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