PG&E powers up with $6.7bn bond issue

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California utility Pacific Gas and Electric Company (PG&E) emerged from bankruptcy protection in April, after issuing a mammoth $6.7 billion first mortgage bond offering to help finance a $12 billion repayment to the company’s bondholders.

The largest bond offering ever brought by an electric utility in the US, the deal came to market in four fixed-rate tranches and one floating-rate tranche, the largest of which was a $3 billion, 30-year tranche priced at 140 basis points over Treasuries.

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