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Pacific Gas and Electric Company Announces Pricing Terms of Cash Tender Offers

PCG
  • Pacific Gas and Electric Company announced pricing for cash tender offers to purchase up to $1,200,000,000 of its 3.30% Senior Notes due December 1, 2027, & 2.10% First Mortgage Bonds due August 1, 2027.
  • The Withdrawal Deadline for validly tendered Bonds is 5:00 p.m. New York City time on July 31, 2026, with settlement expected on August 4, 2026.
  • Tender consideration for the 3.30% Senior Notes is $985.34 per $1,000 principal amount, based on a +20 basis point spread over the 3.875% U.S. Treasury yield.
  • Tender consideration for the 2.10% First Mortgage Bonds is $977.95 per $1,000 principal amount, based on a +20 basis point spread over the 3.875% U.S. Treasury yield.
  • Preliminary results indicate the Company expects to accept all tendered 3.30% Senior Notes in full, while planning to pro-rate 2.10% First Mortgage Bonds at an initial factor of 26.6% subject to final determination after the Expiration Date.
  • J.P. Morgan Securities LLC & Barclays Capital Inc. serve as Dealer Managers, & D. F. King & Co., Inc. acts as the Tender & Information Agent.
  • The final acceptance of Bonds is subject to the satisfaction of the Financing Condition related to a concurrent capital markets financing transaction.