The investment-grade bonds are due 2024, 2029, 2032 and 2052

Davis Polk advised the representatives of the several underwriters in connection with the SEC-registered offering by Pacific Gas and Electric Company of $1.0 billion aggregate principal amount of 3.25% first mortgage bonds due 2024, $400 million aggregate principal amount of 4.20% first mortgage bonds due 2029, $450 million aggregate principal amount of 4.40% first mortgage bonds due 2032 and $550 million aggregate principal amount of 5.25% first mortgage bonds due 2052. 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. 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, counsel Jennifer Ying Lan and associate Kamil Turkmani. Counsel Susan D. Kennedy provided real estate advice. Counsel Benjamin Cheng and associates Catalina Ford and Matt Celentano provided finance advice. Partner Mario J. Verdolini and associate April Filtz provided tax advice. All members of the Davis Polk team are based in the New York office.

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