Pacific Gas & Electric selling $500 million of notes in new, reopened tranches Monday

By Aleesia Forni

Virginia Beach, Nov. 2 – Pacific Gas & Electric Co. plans to price a $500 million offering of notes in two parts on Monday, according to a market source and a 424B5 filing with the Securities and Exchange Commission.

The issue includes a tap of the company’s 3.5% senior notes due June 15, 2025, of which $400 million was sold at Treasuries plus 115 basis points on June 9.

There will also be a new tranche of 30-year bonds.

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

The co-managers are MUFG, SMBC Nikko, U.S. Bancorp Investments Inc., CastleOak Securities LP, Apto Partners LLC, Drexel Hamilton and Siebert Brandford Shank & Co. LLC.

Proceeds will be used for general corporate purposes, including the repayment of commercial paper.

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

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