PG&E said it will buy about $1.219 billion of tendered 2027 bonds, taking all submitted 3.30% senior notes and prorating 2.10% first mortgage bonds at 18.2%.
Pacific Gas and Electric Company announced final results for its cash tender offers covering two 2027 bond series, saying it will purchase an aggregate $1,218,990,000 of notes and bonds tendered by the July 31 expiration date. The utility said it received valid, unwithdrawn tenders for $1,067,357,000 of its 3.30% Senior Notes due Dec. 1, 2027 and $841,253,000 of its 2.10% First Mortgage Bonds due Aug. 1, 2027. PG&E said it will accept all tendered 3.30% Senior Notes and will apply an 18.2% proration factor to the 2.10% First Mortgage Bonds, subject to adjustments to the nearest $1,000 principal amount. The tender offer consideration remained $985.34 per $1,000 principal amount for the 3.30% Senior Notes and $977.95 per $1,000 principal amount for the 2.10% First Mortgage Bonds, excluding accrued interest. Those prices were determined at 3:00 p.m. New York City time on July 31 using reference yields of 4.248% and 4.196%, respectively. The offers were subject to a previously announced aggregate purchase cap of $1.2 billion, though the company said the accepted total will be $1,218,990,000. Payments for accepted bonds will also include accrued and unpaid interest from the last interest payment date up to, but not including, the expiration date. PG&E said its obligation to complete the purchases remains subject to conditions, including the Financing Condition tied to a concurrent capital markets financing transaction.