New Issue: PG&E prices upsized $500 million 4.3% notes due 2045 at Treasuries plus 130 bps

By Aleesia Forni

Virginia Beach, Nov. 3 – Pacific Gas & Electric Co. priced an upsized $500 million of 4.3% senior notes (A3/BBB/A-) due 2045 on Monday at Treasuries plus 130 basis points, according to a syndicate source and an FWP filed with the Securities and Exchange Commission.

The notes sold at the tight end of price talk.

Pricing was at 98.851 to yield 4.369%.

The bookrunners were Barclays, BNP Paribas Securities Corp., Morgan Stanley & Co. LLC and U.S. Bancorp Investments Inc.

Proceeds will be used to repay commercial paper and for general corporate purposes.

Issuer:	Pacific Gas & Electric Co.
Amount:	$500 million, upsized from $300 million
Description:	Senior notes
Maturity:	March 15, 2045
Bookrunners:	Barclays, BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, U.S. Bancorp Investments Inc.
Co-managers:	CastleOak Securities LP, MUFG, Mizuho Securities, Lebenthal & Co. LLC, Mischler Financial Group Inc.
Coupon:	4.3%
Price:	98.851
Yield:	4.369%
Spread:	Treasuries plus 130 bps
Make-whole call:	Treasuries plus 20 bps prior to Sept. 15, 2044, then callable at par
Trade date:	Nov. 3
Settlement date:	Nov. 6
Ratings:	Moody’s: A3
	Standard & Poor's: BBB
	Fitch: A-
Price talk:	Treasuries plus 135 bps area

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