Hunton Andrews Kurth Advises Pacific Gas and Electric Company on $2.4 Billion First Mortgage Bonds Offering

Hunton Andrews Kurth LLP advised Pacific Gas and Electric Company (“PG&E”) in connection with its issuance of (i) $1.5 billion aggregate principal amount of 1.367% First Mortgage Bonds due 2023, (ii) $450 million aggregate principal amount of its 3.25% First Mortgage Bonds due 2031 and (iii) $450 million aggregate principal amount of its 4.20% First Mortgage Bonds due 2041. The offering closed on March 11, 2021.

PG&E, a subsidiary of PG&E Corporation, is a public utility operating company in northern and central California. PG&E was incorporated in California in 1905. PG&E provides natural gas and electric service to approximately 16 million people throughout a 70,000-square-mile service area in northern and central California. PG&E generates revenues mainly through the sale and delivery of electricity and natural gas to customers. As of December 31, 2020, approximately two-thirds of PG&E’s revenues were associated with owning and operating gas, electric, and generation infrastructure. The remaining one-third of revenues were pass-through costs primarily associated with commodity procurement. PG&E had approximately $97.46 billion in assets at December 31, 2020 and generated operating revenues of approximately $18.47 billion in 2020.

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.