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Pacific Gas sells $1.45 billion one-year floaters in high-grade market
By Devika Patel
Knoxville, Tenn., Nov. 12 – Primary activity in the investment-grade bond market was quiet on Thursday with only one deal pricing.
San Francisco-based Pacific Gas & Electric Co., an electric and natural gas utility, priced $1.45 billion of one-year floating-rate first mortgage bonds.
The notes priced at Libor plus 137.5 basis points and were sold at par.
BofA Securities Inc., Mizuho Securities USA Inc., MUFG and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used for general corporate purposes, including repaying debt under the company's accounts receivable facility and its revolving credit facility.
Also, on late Tuesday evening, New York’s Verizon Communications Inc., a telecommunications company, priced $12 billion of fixed-rate notes (/BBB+/A-) in five parts.
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