Published on 11/22/2022 in the Prospect News Investment Grade Daily.
New Issue: PG&E Recovery prices $983.36 million secured recovery bonds
By William Gullotti
Buffalo, N.Y., Nov. 22 – Pacific Gas & Electric Co. priced $983,362,000 of senior secured recovery bonds through issuing entity PG&E Recovery Funding LLC, according to a FWP filing with the Securities and Exchange Commission.
The offer includes $214,922,000 in an A-1 tranche due July 15, 2034 with a 5.045% coupon, priced at 99.99935.
A $200 million A-2 tranche due Jan. 15, 2040 priced with a 5.256% coupon at 99.99866.
The last tranche priced as $568.44 million of A-3 notes due July 15, 2049 with a 5.536% coupon at 99.98851.
The notes are non-callable.
Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and J. P. Morgan Securities LLC are the joint bookrunners.
The notes are not asset-backed notes.
The electric and natural gas utility is based in San Francisco.
Issuer: | PG&E Recovery Funding LLC
|
Amount: | $983,362,000
|
Issue: | Senior secured recovery bonds, series 2022-A
|
Bookrunners: | Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and J. P. Morgan Securities LLC
|
Co-managers: | Academy Securities, Inc., Cabrera Capital Markets LLC, Mischler Financial Group, Inc. and Penserra Securities LLC
|
Trustee: | Bank of New York Mellon Trust Co., NA
|
Call features: | Non-callable
|
Puts: | Non-putable
|
Pricing date: | Nov. 18
|
Settlement date: | Nov. 30
|
Ratings: | Moody’s: Aaa
|
| S&P: AAA
|
Distribution: | SEC registered
|
|
A-1 series
|
Amount: | $214,922,000
|
Final payment date: | July 15, 2032
|
Maturity: | July 15, 2034
|
Average life: | 5.29 years
|
Coupon: | 5.045%
|
Price: | 99.99935
|
Cusip: | 71710TAD0
|
|
A-2 series
|
Amount: | $200 million
|
Final payment date: | Jan. 15, 2038
|
Maturity: | Jan. 15, 2040
|
Average life: | 12.49 years
|
Coupon: | 5.256%
|
Price: | 99.99866
|
Cusip: | 71710TAE8
|
|
A-3 series
|
Amount: | $568.44 million
|
Final payment date: | July 15, 2047
|
Maturity: | July 15, 2049
|
Average life: | 20.52 years
|
Coupon: | 5.536%
|
Price: | 99.98851
|
Cusip: | 71710TAF5
|
|
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