Pacific Gas & Electric to use bond proceeds to pay down revolver

By Mary-Katherine Stinson

Lexington, Ky., June 1 – Pacific Gas & Electric Co. will use a portion of the proceeds from an add-on offering of 6.75% first mortgage bonds due Jan. 15, 2053 and two additional tranches of first mortgage bonds to pay down its utility revolving credit facility, according to a 424B5 filing with the Securities and Exchange Commission.

Outstanding borrowings under the revolver bear interest at a floating rate, currently 6.95% annually. The facility matures on June 22, 2027, subject to a one-year extension at the company’s option.

As of May 22, borrowings under the revolver totaled about $1.36 billion.

The electric and natural gas utility is based in Oakland, Calif.

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