The sustainability mortgage bonds are due 2053

Davis Polk advised the representatives of the several underwriters in connection with the SEC-registered offering by Pacific Gas and Electric Company of $750 million aggregate principal amount of 6.700% first mortgage bonds due 2053. Pacific Gas will use the proceeds from this offering to finance or refinance projects designed to support the company’s carbon reduction and sustainability goals.

Pacific Gas, a subsidiary of PG&E Corporation, is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California.

The Davis Polk capital markets team included partners Michael Kaplan and Marcel Fausten and associates Caroline G. Armstrong and Kamil Turkmani. Counsel Susan D. Kennedy provided real estate advice. Counsel Benjamin Cheng provided finance advice. Partner Lara Samet Buchwald provided litigation advice. Counsel Aliza Slansky 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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