PG&E Increases Cash Tender Offer to $1.2 Billion
Pacific Gas and Electric Company is expanding its debt buyback program, raising the aggregate purchase price for two series of outstanding bonds from $1 billion to $1.2 billion. The move targets 3.30% Senior Notes due in 2027 and 2.10% First Mortgage Bonds, also maturing in 2027.
The Oakland-based utility set a withdrawal deadline of 5:00 p.m. New York time on July 31, 2026, for bondholders participating in the tender. The final consideration for the notes will be determined earlier that same day at 3:00 p.m. Payments to investors will include the tender offer consideration plus any accrued and unpaid interest up to the settlement date, provided the company’s financing conditions are met.
Alongside the increased cap, the company updated requirements for the 3.30% Senior Notes. Investors choosing to tender only a portion of their holdings must ensure they retain a minimum principal amount of $100,000, with any additional amounts held in multiples of $1,000. J.P. Morgan Securities LLC and Barclays Capital Inc. are managing the process, while D. F. King & Co. serves as the information agent for the transaction.
Comments (0)
No comments yet. Be the first!