The investment-grade bonds are due 2035 and 2055

Davis Polk advised the representatives of the several underwriters in connection with the SEC-registered offering by Pacific Gas and Electric Company of $1 billion aggregate principal amount of 5.700% first-mortgage bonds due 2035 and $750 million aggregate principal amount of 6.150% first-mortgage bonds due 2055. Pacific Gas will use the proceeds from this offering for repayment of existing debt and for general corporate purposes.

Pacific Gas, a subsidiary of PG&E Corporation, is one of the largest combination natural gas and electric utilities in the United States. The company 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 and associate Joyce Kim. Counsel Julie E. Dechen and associate Jaclyn Katz provided real estate advice. Partner Lara Samet Buchwald provided litigation advice. Partner Mario J. Verdolini and associate Jeff Metzger provided tax advice. Counsel David A. Zilberberg provided environmental advice. All members of the Davis Polk team are based in the New York office.

 

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