By Wendy Van Sickle
Columbus, Ohio, Nov. 27 – Pacific Gas & Electric Co. priced $2.5 billion of senior notes in three tranches in a Rule 144A and Regulation S offering on Monday, according to an 8-K filing with the Securities and Exchange Commission on Monday.
The company priced $500 million of floating-rate senior notes due 2018, which will bear interest at Libor plus 23 basis points, at par.
It priced $1.15 billion of 3.3% senior notes due 2027 at 99.704.
Pacific Gas priced $850 million of 3.95% notes due 2047 at 99.564.
The offering is expected to close on Nov. 29.
Proceeds will be used to repay all $700 million outstanding of the company’s 5.625% senior notes due Nov. 30, 2017, all $250 million outstanding of senior floating-rate notes due Nov. 30, 2017 and a $250 million outstanding floating-rate term loan due Feb. 22, 2018. Any remaining proceeds will be used for general corporate purposes.
The electric and natural gas utility is based in San Francisco.
| Issuer: | Pacific Gas & Electric Co.
|
| Issue: | Senior notes
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| Amount: | $2.5 billion
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| Trade date: | Nov. 27
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| Settlement date: | Nov. 29
|
| Ratings: | Fitch: A
|
| Distribution: | Rule 144A/Regulation S
|
|
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| 2018 floaters
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| Amount: | $500 million
|
| Maturity: | 2018
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| Coupon: | Libor plus 23 bps
|
| Price: | Par
|
|
|
| 10-year bonds
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| Amount: | $1.15 billion
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| Maturity: | 2027
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| Coupon: | 3.3%
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| Price: | 99.704
|
|
|
| 30-year bonds
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| Amount: | $850 million
|
| Maturity: | 2047
|
| Coupon: | 3.95%
|
| Price: | 99.564
|
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