The investment-grade bonds are due 2029, 2033 and 2053

Davis Polk advised the representatives of the several underwriters in connection with the SEC-registered offering by Pacific Gas and Electric Company of $850 million aggregate principal amount of 6.100% first mortgage bonds due 2029, $1.15 billion aggregate principal amount of 6.400% first mortgage bonds due 2033 and $500 million aggregate principal amount of 6.750% first mortgage bonds due 2053. Pacific Gas will use the proceeds from this offering for repayment of existing debt and general corporate purposes.

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 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 Kamil Turkmani, Soo Kyung Chae and ChengJun Koh. Counsel Susan D. Kennedy and associate Jaclyn Katz provided real estate advice. Partner Corey M. Goodman and associate William Liang 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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