New Issue: Pacific Gas sells upsized $600 million 2.95% 10-year bonds at Treasuries plus 125 bps

By Aleesia Forni

New York, Feb. 23 – Pacific Gas & Electric Co. priced an upsized $600 million of 2.95% 10-year senior notes (A3/BBB/A-) on Tuesday at Treasuries plus 125 basis points, according to a market source and an FWP filed with the Securities and Exchange Commission.

Price guidance was set in the area of Treasuries plus 130 bps.

The deal sold at 99.734 to yield 2.981% and was upsized from $500 million.

Bookrunners were Barclays, BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, MUFG and Williams Capital Group.

The company expects to use the net proceeds from the offering for general corporate purposes, including to repay outstanding commercial paper.

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

Issuer:	Pacific Gas & Electric Co.
Amount:	$600 million, upsized from $500 million
Description:	Senior notes
Maturity:	March 1, 2026
Joint bookrunners:	Barclays, BNP Paribas Securities Corp., Morgan Stanley & Co. LLC, MUFG, Williams Capital Group LP
Co-managers:	BNY Mellon Capital Markets, LLC, TD Securities (USA) LLC, C.L. King & Associates, Inc., Great Pacific Securities
Coupon:	2.95%
Price:	99.734
Yield:	2.981%
Spread:	Treasuries plus 125 bps
Make-whole call:	Treasuries plus 20 bps prior to Dec. 1, 2025, then callable at par
Trade date:	Feb. 23
Settlement date:	March 1
Ratings:	Moody’s: A3
	Standard & Poor’s: BBB
	Fitch: A-
Distribution:	SEC registered
Price guidance:	Treasuries plus 130 bps area

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