Pacific Gas and Electric Completes $1.7 Billion First Mortgage Bond Offering

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation, completed the sale of $1.7 billion in aggregate principal amount of First Mortgage Bonds. The net proceeds are intended to refinance existing debt through tender offers and redemptions, with any remaining funds allocated for general corporate purposes, including further debt repayment.

Key Details

• Bond Offering: The sale consists of two tranches: (1) $700 million of 5.250% First Mortgage Bonds due 2032 and (2) $1.0 billion of 5.850% First Mortgage Bonds due 2036.
• Timeline: The underwriting agreement was signed on July 27, 2026, and the sale of the bonds was completed on August 4, 2026.
• Use of Proceeds: The company intends to use the proceeds to purchase up to $1.2 billion of notes due in 2027 via a tender offer and to redeem $450 million of its 5.450% First Mortgage Bonds due in 2027.