By Aleesia Forni
Virginia Beach, Feb. 24 - PG&E Corp. priced $350 million of 2.4% senior notes due 2019 with a spread of 88 basis points over Treasuries on Monday, according to a syndicate source.
The notes (Baa1/BBB-/BBB+) sold at the tight end of talk.
Pricing was at 99.831 to yield 2.436%.
Barclays, BNP Paribas Securities Corp. and Citigroup Global Markets Inc. were the joint bookrunners.
The co-managers were Drexel Hamilton and Great Pacific Securities.
Proceeds will be used to pay the company's 5.75% senior notes due April 1, 2014.
The company provides electric and natural gas services through its subsidiaries and is based in San Francisco.
| Issuer: | PG&E Corp.
|
| Amount: | $350 million
|
| Description: | Senior notes
|
| Maturity: | 2019
|
| Bookrunners: | Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc.
|
| Co-managers: | Drexel Hamilton, Great Pacific Securities
|
| Coupon: | 2.4%
|
| Price: | 99.831
|
| Yield: | 2.436%
|
| Spread: | Treasuries plus 88 bps
|
| Trade date: | Feb. 24
|
| Settlement date: | Feb. 27
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB-
|
| Fitch: BBB+
|
| Price talk: | Treasuries plus 90 bps area
|
| Make-whole call: | Treasuries plus 15 bps prior to Feb. 1, 2019, then callable at par
|
| Distribution: | SEC-registered
|
© 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.
