PG&E to price two tranches of fixed-rate first mortgage bonds

By William Gullotti

Buffalo, N.Y., Jan. 4 – PG&E Corp., via primary operating subsidiary Pacific Gas & Electric Co., is preparing to price two tranches of fixed-rate first mortgage bonds, according to a 424B5 filing with the Securities and Exchange Commission.

Each tranche will have a make-whole call followed by a par call.

Barclays, Mizuho Securities USA LLC, MUFG Securities Americas Inc. and Wells Fargo Securities, LLC are the joint bookrunning managers for the offering.

The mortgage trustee is Bank of New York Mellon Trust Co., NA.

Hunton Andrews Kurth LLP is advising PG&E. Davis Polk & Wardwell LLP is working as counsel for the underwriters.

Proceeds will be used for general corporate purposes, including the repayment of borrowings under the company’s utility revolving credit facility. As of Dec. 30, there was $1.93 billion borrowed on the facility.

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

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