We advised the representatives of the several underwriters and the dealer managers on the offerings

Davis Polk advised the representatives of the several underwriters in connection with the SEC-registered offering by Pacific Gas and Electric Company of $700 million aggregate principal amount of its 5.250% first-mortgage bonds due 2032 and $1 billion aggregate principal amount of its 5.850% first-mortgage bonds due 2036.Davis Polk also advised the dealer managers in connection with concurrent tender offers by Pacific Gas to purchase for cash up to an aggregate purchase price of $1.2 billion of its outstanding 3.30% senior notes due December 1, 2027, and 2.10% first-mortgage bonds due August 1, 2027. The tender offers were funded with the proceeds from the first-mortgage bond offering.

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 Marcel Fausten and Michael Kaplan and associate Marquis J. Pullen. Counsel Julie E. Dechen and associate Holly Paige Constants provided real estate advice. Partner Lara Samet Buchwald provided litigation advice. Partner Lucy W. Farr and associates Omar Hersi and Summer Elbardissy 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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