Pacific Gas & Electric to sell add-on to 4% notes due 2046, new notes

By Devika Patel

Knoxville, Tenn., March 7 – Pacific Gas & Electric Co. intends to price an add-on to its 4% senior notes due Dec. 1, 2046 (A3/BBB+/A-) as well as some new fixed-rate senior notes, according to a 424B5 filing with the Securities and Exchange Commission.

The company sold $400 million of the 4% notes at 98.164 to yield 4.107%, or 110 bps over Treasuries, in an offering that priced on Nov. 28, 2016.

The new notes feature a make-whole call and then a par call. The 2046 notes have a make-whole call until June 1, 2046 and then a par call.

BNP Paribas Securities Corp., Goldman Sachs & Co., RBC Capital Markets Corp. and Wells Fargo Securities LLC are the bookrunners. Co-managers are BNY Mellon Capital Markets LLC, TD Securities (USA) LLC, Blaylock Robert Van, LLC and MFR Securities, Inc.

Proceeds will be used for general corporate purposes.

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

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