PG&E launches USD 1 billion cash tender offers for 2027 notes, mortgage bonds
PCG•PG&E launches cash tender offers for 2027 debt
Pacific Gas and Electric launched cash tender offers for up to USD 1 billion of bonds due 2027.
- Covers USD 1.15 billion 3.30% Senior Notes due Dec. 1, 2027, priority level 1; USD 1 billion 2.10% First Mortgage Bonds due Aug. 1, 2027, priority level 2.
- Pricing set at a fixed spread of 20 basis points over the relevant U.S. Treasury; price set July 31, settlement expected Aug. 4.
- Transaction conditioned on completing new first mortgage bond issuance or other financing sufficient to fund accepted tenders.
- Separately issued a conditional full redemption notice for USD 450 million 5.450% First Mortgage Bonds due June 15, 2027, for Aug. 6.
