We advised the representatives of the underwriters on the offering

Davis Polk advised the representatives of the several underwriters in connection with the SEC-registered offering by PG&E Corporation of $1 billion aggregate principal amount of its 6.875% fixed-to-fixed reset rate junior subordinated notes due 2056. PG&E will use the proceeds from this offering for general corporate purposes, including repayment of existing debt.

PG&E is a holding company whose primary operating subsidiary is Pacific Gas and Electric Company, a public utility operating in Northern and Central California. Pacific Gas 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 Marcel Fausten and Michael Kaplan and associate Marquis J. Pullen. Partner Lara Samet Buchwald provided litigation advice. Counsel Yixuan Long and associate Nancy B. Regan 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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