Issuer:
|
Pacific Gas and Electric Company | |
Size:
|
$300,000,000 | |
Maturity Date:
|
May 15, 2021 | |
Coupon:
|
4.25% | |
Interest Payment Dates:
|
May 15 and November 15, commencing November 15, 2011 | |
Price to Public:
|
99.919% | |
Benchmark Treasury:
|
3.625% due February 15, 2021 | |
Benchmark Treasury Yield:
|
3.180% | |
Spread to Benchmark Treasury:
|
+108 basis points | |
Yield:
|
4.260% | |
Optional Redemption:
|
At any time prior to February 15, 2021, Pacific Gas and Electric Company may, at its option, redeem the 4.25% Senior Notes in whole or in part at a redemption price equal to the greater of: | |
100% of the principal amount of the 4.25% Senior Notes to be redeemed; or | ||
as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the 4.25% Senior Notes to be redeemed (not including any portion of payments of interest accrued as of the redemption date) discounted to the redemption date on a semiannual basis at the Adjusted Treasury Rate plus 15 basis points, | ||
plus, in either case, accrued and unpaid interest to the redemption date. | ||
At any time on or after February 15, 2021, Pacific Gas and Electric Company may redeem the 4.25% Senior Notes, in whole or in part, at 100% of the principal amount of the 4.25% Senior Notes being redeemed plus accrued and unpaid interest to the redemption date. |
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Settlement Date:
|
May 13, 2011 (T+3) | |
CUSIP / ISIN:
|
694308 GV3 / US694308GV30 | |
Joint Book-Running Managers:
|
Barclays Capital Inc. Deutsche Bank Securities Inc. J.P. Morgan Securities LLC |
|
Co-Managers:
|
BNY Mellon Capital Markets, LLC CastleOak Securities, L.P. Cabrera Capital Markets, LLC |
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