Pacific Gas and Electric $1.45 billion first mortgage bonds offering
Davis Polk advised the representatives of the several underwriters in connection with the SEC-registered offering by Pacific Gas and Electric Company of $1.45 billion aggregate principal amount of floating-rate first mortgage bonds due 2021. Pacific Gas will use the proceeds from this offering for general corporate purposes, including the repayment of existing debt.
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 Davis Polk capital markets team included partners Michael Kaplan and Marcel Fausten and associates S. Elizabeth Kim and Dylan H. Lojac. Partner Joseph P. Hadley provided finance advice. Counsel Susan D. Kennedy provided real estate advice. Partner Lara Samet Buchwald provided litigation advice. Counsel Alon Gurfinkel provided tax advice. Counsel David A. Zilberberg provided environmental advice. Associate Adam L. Shpeen provided restructuring advice. Members of the Davis Polk team are based in the New York and London offices.