Pacific Gas and Electric $2.4 billion first mortgage bonds offering
We advised the underwriters on the offering
3/11/2021

Davis Polk advised the representatives of the several underwriters in connection with the SEC-registered offering by Pacific Gas and Electric Company of $1.5 billion aggregate principal amount of 1.367% first mortgage bonds due 2023, $450 million aggregate principal amount of 3.250% first mortgage bonds due 2031 and $450 million aggregate principal amount of 4.200% first mortgage bonds due 2041. Pacific Gas will use the proceeds from this offering for prepayment and repayment of existing debt; any remaining proceeds will be used for general corporate purposes, including repayment of other 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 associate S. Elizabeth Kim. Partner Joseph P. Hadley provided finance advice. Counsel Susan D. Kennedy provided real estate advice. Counsel Alon Gurfinkel and associate Ben Levenback provided tax advice. Counsel David A. Zilberberg provided environmental advice. Associate Adam L. Shpeen provided restructuring advice. Associate Jay Frankel provided intellectual property advice. Members of the Davis Polk team are based in the New York and London offices.