The 4.25% convertible secured notes are due 2027

Davis Polk advised the representatives of the several initial purchasers in connection with a Rule 144A offering by PG&E Corporation of $2.15 billion aggregate principal amount of its 4.25% convertible senior secured notes due 2027. The aggregate principal amount of notes issued represents an increase of $400 million from the initially offered amount of $1.5 billion and also includes $250 million principal amount of notes pursuant to the exercise in full of the initial purchasers’ option to purchase additional notes. PG&E will use the proceeds from this offering for prepayment of existing debt.

PG&E is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company, a public utility operating in Northern and Central California. Pacific Gas 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 and associates Tomer Magid and Marcos Sauquet Trías. The equity derivatives team included partner Caitlin L. Wood and associate Danielle Forni. Partner Lara Samet Buchwald provided litigation advice. Partner Patrick E. Sigmon provided tax advice. Counsel David A. Zilberberg provided environmental advice. Counsel Benjamin Cheng provided finance advice. All members of the Davis Polk team are based in the New York office.

Copy link to share post