Pacific Gas and Electric Company announced the results of its cash tender offers to purchase up to an aggregate principal amount that would not result in an aggregate purchase price exceeding $1.2 billion of its outstanding 3.30% Senior Notes due December 1, 2027 and 2.10% First Mortgage Bonds due August 1, 2027. As of the expiration date, valid tenders were received for approximately $1.067 billion of the 3.30% Senior Notes and $841 million of the 2.10% First Mortgage Bonds. The 2.10% First Mortgage Bonds will be subject to a proration factor of 18.2%, and the company will accept for payment a total of $1,218,990,000 across both series. The tender offer consideration was set at $985.34 per $1,000 principal amount for the 3.30% Senior Notes and $977.95 per $1,000 principal amount for the 2.10% First Mortgage Bonds, plus accrued interest.
PG&E CorpPG&E announces results of cash tender offers for up to $1.2 billion of bonds, a capital management action.