Pacific Gas and Electric Company’s $1.45 Billion Mortgage Bonds Offering

Davis Polk advised the representatives of the several underwriters in the offering. Hunton Andrews Kurth advised Pacific Gas and Electric Company on the deal.

Pacific Gas and Electric Company exeecuted its offering of $1.45 billion aggregate principal amount of floating-rate first mortgage bonds due 2021. Pacific Gas will use the proceeds from this offering for general corporate purposes, including the repayment of existing debt.

BofA Securities, Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc., Wells Fargo Securities, LLC, AmeriVet Securities, Inc., and Great Pacific Securities acted as representatives of the several underwriters for this offering.

Pacific Gas, a subsidiary of PG&E Corporation, is one of the largest combination natural gas and electric utilities in the United States. Pacific Gas provides natural gas and electric service to approximately 16 million people throughout a 70,000-square-mile service area in northern and central California.

The Davis Polk capital markets team advising the representatives of the several underwriters included partners Michael Kaplan (Picture) and Marcel Fausten and associates S. Elizabeth Kim and Dylan H. Lojac. Partner Joseph P. Hadley provided finance advice. Counsel Susan D. Kennedy provided real estate advice. Partner Lara Samet Buchwald provided litigation advice. Counsel Alon Gurfinkel provided tax advice. Counsel David A. Zilberberg provided environmental advice. Associate Adam L. Shpeen provided restructuring advice.

The Hunton Andrews Kurth team included Michael F. Fitzpatrick, Kevin Felz, Patrick Jamieson and S. Ashley Jaber.  Robert McNamara and Tim Strother provided tax advice.

Involved fees earner: Lara Samet Buchwald – Davis Polk & Wardwell; Marcel Fausten – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Joseph P. Hadley – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Susan Kennedy – Davis Polk & Wardwell; Elizabeth Kim – Davis Polk & Wardwell; Dylan Lojac – Davis Polk & Wardwell; Adam Shpeen – Davis Polk & Wardwell; David Zilberberg – Davis Polk & Wardwell; Kevin Felz – Hunton Andrew Kurth; Michael Fitzpatrick Jr. – Hunton Andrew Kurth; Ashley Jaber – Hunton Andrew Kurth; Patrick Jamieson – Hunton Andrew Kurth; Robert McNamara – Hunton Andrew Kurth; Tim Strother – Hunton Andrew Kurth;

Law Firms: Davis Polk & Wardwell; Hunton Andrew Kurth;

Clients: AmeriVet Securities; Bank of America Securities; Great Pacific Securities; Mizuho Securities; MUFG Securities Americas Inc. ; Pacific Gas and Electric Company; Wells Fargo Securities;

Author: Ambrogio Visconti