The 7.375% fixed-to-fixed reset rate junior subordinated notes are due 2055

Davis Polk advised the representatives of the several underwriters in connection with a reopening of the SEC-registered offering by PG&E Corporation of $500 million aggregate principal amount of its 7.375% fixed-to-fixed reset rate junior subordinated notes due 2055. PG&E will use the proceeds from this offering for general corporate purposes

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 associate Joyce Kim. Partner Lara Samet Buchwald and associate Grace Lee provided litigation advice. Partner Mario J. Verdolini and associate Jeff Metzger provided tax advice. Counsel David A. Zilberberg provided environmental advice. Partner Phoebe Jin provided finance advice. All members of the Davis Polk team are based in the New York office.

 

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