Pacific Gas and Electric Announces Pricing Terms for Bond Tender Offers
Pacific Gas and Electric Company (PG&E) has announced pricing terms for its cash tender offers to repurchase up to $1.2 billion in aggregate principal amount of two series of bonds: the 3.30% Senior Notes due December 1, 2027, and the 2.10% First Mortgage Bonds due August 1, 2027. The tender offers are based on fixed spreads over reference U.S. Treasury yields determined as of July 31, 2026. The Tender Offer Consideration for each bond series was calculated at $985.34 per $1,000 principal amount for the Senior Notes and $977.95 for the First Mortgage Bonds. PG&E expects to accept all tendered Senior Notes in full but will likely pro-rate acceptance of the First Mortgage Bonds due to higher demand. The settlement date is expected on August 4, 2026, with interest payments included up until that day. The company cautions that final results may differ as bondholders can withdraw their tenders before the deadline.
Tickers: $PCG