Pacific Gas and Electric’s $1.75 Billion First Mortgage Bonds Offering

Hunton Andrews Kurth advised Pacific Gas and Electric Company, while Davis Polk advised the representatives of the several underwriters in the offering.

Pacific Gas and Electric Company executed the offering of $300 million aggregate principal amount of floating-rate first mortgage bonds due 2022, $900 million aggregate principal amount of 1.70% first mortgage bonds due 2023 and $550 million aggregate principal amount of 3.25% first mortgage bonds due 2031. 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.

Barclays Capital Inc., Citigroup Global Markets Inc., MUFG Securities Americas Inc. and Wells Fargo Securities, LLC acted as representatives of the underwriters.

Pacific Gas, a subsidiary of PG&E Corporation, 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 Hunton Andrews Kurth team included Michael F. Fitzpatrick (Picture), Kevin Felz, Patrick Jamieson, S. Ashley Jaber and Reuben Pearlman. Robert McNamara and Tim Strother provided tax advice. Robert Johnson and Christopher Hasbrouck provided real estate advice. 

The Davis Polk capital markets team included partners Michael Kaplan and Marcel Fausten, counsel Jennifer Ying Lan and associate Chad Howard. Counsel Susan D. Kennedy provided real estate advice. Partner Mario J. Verdolini provided tax advice. Counsel David A. Zilberberg provided environmental advice. Partner Adam L. Shpeen provided restructuring advice. 

Involved fees earner: Marcel Fausten – Davis Polk & Wardwell; Chad Howard – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Susan Kennedy – Davis Polk & Wardwell; Mario Verdolini – Davis Polk & Wardwell; Jennifer Ying Lan – Davis Polk & Wardwell; David Zilberberg – Davis Polk & Wardwell; Kevin Felz – Hunton Andrews Kurth LLP; Michael Fitzpatrick Jr. – Hunton Andrews Kurth LLP; Christopher Hasbrouck – Hunton Andrews Kurth LLP; Ashley Jaber – Hunton Andrews Kurth LLP; Patrick Jamieson – Hunton Andrews Kurth LLP; Robert Johnson – Hunton Andrews Kurth LLP; Robert McNamara – Hunton Andrews Kurth LLP; Reuben Pearlman – Hunton Andrews Kurth LLP; Tim Strother – Hunton Andrews Kurth LLP;

Law Firms: Davis Polk & Wardwell; Hunton Andrews Kurth LLP;

Clients: Barclays Capital ; Citigroup Global Markets Ltd; MUFG Securities Americas Inc. ; Pacific Gas and Electric Company; Wells Fargo Securities;