By Andrea Heisinger
New York, March 3 - Pacific Gas & Electric Co. sold an upsized $550 million of 6.25% 30-year senior notes Tuesday to yield Treasuries plus 270 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.
The notes (A3/BBB+/) priced at 98.761 to yield 6.343%.
There is a make-whole call at Treasuries plus 40 bps.
Bookrunners were Barclays Capital Inc., BNP Paribas Securities and UBS Investment Bank.
Co-managers were Mizuho Securities, Wedbush Morgan Securities, Blaylock Robert Van, Cabrera Capital Markets, CastleOak Securities and U.S. Bancorp Investments.
Proceeds will be used to repay outstanding commercial paper and to pay capital expenditures.
The electric and natural gas utility and subsidiary of PG&E Corp. is based in San Francisco.
| Issuer: | Pacific Gas & Electric Co.
|
| Issue: | Senior notes
|
| Amount: | $550 million, increased from $500 million
|
| Maturity: | March 1, 2039
|
| Bookrunners: | Barclays Capital Inc., BNP Paribas Securities, UBS Investment Bank
|
| Co-managers: | Mizuho Securities, Wedbush Morgan Securities, Blaylock Robert Van, Cabrera Capital Markets, CastleOak Securities, U.S. Bancorp Investments
|
| Coupon: | 6.25%
|
| Price: | 98.761
|
| Yield: | 6.343%
|
| Spread: | Treasuries plus 270 bps
|
| Call: | Make-whole at Treasuries plus 40 bps
|
| Trade date: | March 3
|
| Settlement date: | March 6
|
| Ratings: | Moody's: A3
|
| Standard & Poor's: BBB+
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
