By Andrea Heisinger
New York, March 9 - PG&E Corp. sold an upsized $350 million of 5.75% five-year notes Monday to yield Treasuries plus 395 basis points, a market source said.
The size was originally $250 million, the source said.
The notes (Baa1/BBB/) priced at 99.456 to yield 5.875% with a make-whole call at Treasuries plus 50 bps.
Bookrunners were Citigroup Global Markets Inc., Goldman Sachs & Co. and Bank of New York Mellon.
Co-managers were Williams Capital Group LP, Samuel A. Ramirez & Co. and Utendahl Capital Partners.
Proceeds will be contributed to its subsidiary, Pacific Gas & Electric Co., which will use them for general corporate purposes.
The company provides electric and natural gas services through its subsidiaries and is based in San Francisco.
| Issuer: | PG&E Corp.
|
| Issue: | Notes
|
| Amount: | $350 million, increased from $250 million
|
| Maturity: | April 1, 2014
|
| Bookrunners: | Citigroup Global Markets Inc., Goldman Sachs & Co., Bank of New York Mellon
|
| Co-managers: | Williams Capital Group LP, Samuel A. Ramirez & Co., Utendahl Capital Partners
|
| Coupon: | 5.75%
|
| Price: | 99.456
|
| Yield: | 5.875%
|
| Spread: | Treasuries plus 395 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
| Trade date: | March 9
|
| Settlement date: | March 12
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
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