Pacific Gas & Electric completes $1.2 bn bond tender offers

Pacific Gas and Electric Company (PG&E) announced the final results of its cash tender offers for two bond series: the 3.30% senior notes due December 1 2027 and the 2.10% first mortgage bonds due August 1 2027. The offers were capped at an aggregate maximum purchase price of $1.2 billion. Holders tendered $1,067,357,000 of senior notes and $841,253,000 of mortgage bonds. After applying an 18.2% proration factor to the mortgage bonds, the total accepted amount reached $1,218,990,000. The consideration per $1,000 principal was $985.34 for the senior notes and $977.95 for the mortgage bonds. J.P. Morgan Securities and Barclays Capital acted as dealer managers, with D.F. King & Co. serving as the tender and information agent. Settlement of the purchases is subject to a financing condition.