The investment-grade bonds are due 2022, 2023 and 2031

Davis Polk advised the representatives of the several underwriters in connection with the SEC-registered offering by Pacific Gas and Electric Company of $300 million aggregate principal amount of floating-rate first mortgage bonds due 2022, $900 million aggregate principal amount of 1.70% first mortgage bonds due 2023 and $550 million aggregate principal amount of 3.25% first mortgage bonds due 2031. Pacific Gas will use the proceeds from this offering for repayment of existing debt; any remaining proceeds will be used for general corporate purposes, including repayment of other existing debt.

Pacific Gas, a subsidiary of PG&E Corporation, is one of the largest combination natural gas and electric utilities in the United States. Pacific Gas provides natural gas and electric service to approximately 16 million people throughout a 70,000-square-mile service area in northern and central California.

The Davis Polk capital markets team included partners Michael Kaplan and Marcel Fausten, counsel Jennifer Ying Lan and associate Chad Howard. Counsel Susan D. Kennedy provided real estate advice. Partner Mario J. Verdolini provided tax advice. Counsel David A. Zilberberg provided environmental advice. Partner Adam L. Shpeen provided restructuring advice. All members of the Davis Polk team are based in the New York office.

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