The investment-grade bonds are due 2028, 2032 and 2035

Davis Polk advised the representatives of the several underwriters in connection with the SEC-registered offering by Pacific Gas and Electric Company of $400 million aggregate principal amount of 5.000% first-mortgage bonds due 2028, $850 million aggregate principal amount of 5.050% first-mortgage bonds due 2032 and $750 million aggregate principal amount of 6.100% first-mortgage bonds due 2055. Pacific Gas will use the proceeds from this offering for 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. The company provides natural gas and electric service to more than 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 Marquis J. Pullen and Noah Andre Beatty. Counsel Julie E. Dechen and associate Holly Paige Constants provided real estate advice. Partner Lara Samet Buchwald provided litigation advice. Counsel Yixuan Long and associate Isaiah B. Kramer provided tax advice. Counsel David A. Zilberberg provided environmental advice. All members of the Davis Polk team are based in the New York office.

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