PG&E to redeem $200 million 5.35% bonds with proceeds of notes

By Toni Weeks

San Diego, Sept. 7 - Pacific Gas & Electric Co. intends to use the proceeds from its planned offering of senior notes to redeem $200 million principal amount of 5.35% pollution control bonds due Dec. 1, 2016 and to pay a $4 million redemption premium plus accrued interest on the bonds, according to a 424B5 filing with the Securities and Exchange Commission.

Remaining proceeds will be used for general corporate purposes, including repaying a portion of the company's commercial paper. As of Sept. 6, the company's outstanding amount of commercial paper was $782.4 million, the weighted average yield on its outstanding commercial paper was 0.4% per year, and the average maturity on its outstanding commercial paper was 15.88 days.

The public utility is based in San Francisco and operates in northern and central California.

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