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PG&E offers fixed-rate first mortgage bonds in single tranche
Chicago, Nov. 6 – Pacific Gas and Electric Co. is in the Monday market with a single-tranche offering of first mortgage bonds, according to a 424B5 filing with the Securities and Exchange Commission.
There will be make-whole call protection and then a par call option.
BNP Paribas Securities Corp., Mizuho Securities USA LLC and MUFG Securities Americas Inc. are the joint bookrunners.
Bank of New York Mellon Trust Co., NA will be the mortgage trustee.
Hunton Andrews Kurth LLP is advising the company. Davis Polk & Wardwell LLP is working as counsel for the underwriters.
Proceeds will be used to repay a portion of the $900 million 1.7% first mortgage bonds due Nov. 15, 2023 at maturity.
The electric and natural gas utility is based in San Francisco.
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