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Pacific Gas & Electric tenders for $500 million 4.8% notes due 2014
By Toni Weeks
San Luis Obispo, Calif., May 28 - Pacific Gas & Electric Co. began a tender offer for up to $500 million of its outstanding $1 billion of 4.8% senior notes due 2014, according to a press release.
The purchase price will be determined at 1 p.m. ET on June 10 by reference to a fixed spread of 20 basis points over the yield based on the bid-side price of the 0.25% U.S. Treasury note due Feb. 28, 2014.
Holders who tender their notes by 5 p.m. ET on June 10, the early tender date, will receive an early tender premium of $30.00 per $1,000 principal amount.
The company will also pay accrued interest from the last interest payment date up to but not including the applicable settlement date, which is expected to be June 14 for notes tendered by the early tender date and June 25 for notes tendered after that but before the expiration date, 11:59 p.m. ET on June 24.
PG&E said it will prorate acceptance of tendered notes if the amount of notes tendered exceeds the $500 million cap. It also reserves the right, but is under no obligation, to increase the maximum tender amount.
Tendered notes may be withdrawn by the early tender date.
The tender offer is subject to some conditions, including the receipt of funds sufficient to pay the total consideration.
BofA Merrill Lynch (888 292-0070 or call collect 980 387-3907) and Citigroup Global Markets Inc. (800 558-3745 or call collect 212 723-6106) are dealer managers for the offer. The information agent and tender agent is D.F. King and Co., Inc. (800 290-6426 or call collect 212 269-5550).
The electric and natural gas utility is based in San Francisco.
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