By Cristal Cody
Tupelo, Miss., Aug. 3 – Pacific Gas & Electric Co. (A3/BBB/BBB+) priced an $800 million two-tranche offering of fixed-rate senior notes on Thursday, according to a market source.
The company sold $500 million of 4.25% five-year notes at a spread of 145 basis points over Treasuries, tighter than initial talk in the Treasuries plus 155 bps area.
PG&E priced the $300 million of 4.65% 10-year notes with a Treasuries plus 170 bps spread. The notes were initially talked to price in the Treasuries plus 180 bps to 185 bps area.
Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc. were the bookrunners.
PG&E held fixed income investor calls on Tuesday.
The electric and natural gas utility is based in San Francisco.
| Issuer: | Pacific Gas & Electric Co.
|
| Amount: | $800 million
|
| Description: | Senior notes
|
| Bookrunners: | Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc.
|
| Trade date: | Aug. 2
|
| Ratings: | Moody’s: A3
|
| S&P: BBB
|
| Fitch: BBB+
|
| Marketing: | Fixed income investor calls
|
|
|
| Five-year notes
|
| Amount: | $500 million
|
| Maturity: | Aug. 6, 2023
|
| Coupon: | 4.25%
|
| Spread: | Treasuries plus 145 bps
|
| Price guidance: | Treasuries plus 155 bps area
|
|
|
| 10-year notes
|
| Amount: | $300 million
|
| Maturity: | Aug. 6, 2028
|
| Coupon: | 4.65%
|
| Spread: | Treasuries plus 170 bps
|
| Price guidance: | Treasuries plus 180 bps-185 area
|
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