The investment-grade bonds are due 2025, 2027 and 2032

Davis Polk advised the underwriters in connection with the SEC-registered offering by Pacific Gas and Electric Company of $450 million aggregate principal amount of 4.950% first mortgage bonds due 2025, $450 million aggregate principal amount of 5.450% first mortgage bonds due 2027 and $600 million aggregate principal amount of 5.900% first mortgage bonds due 2032. Pacific Gas will use the proceeds from this offering for repayment of existing debt.

Pacific Gas, a subsidiary of PG&E Corporation, is one of the largest combination natural gas and electric utilities in the United States. The company 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 included partners Michael Kaplan and Marcel Fausten and associates Caroline G. Armstrong, Stephen H. Karp and Kamil Turkmani. Counsel Susan D. Kennedy provided real estate advice. Counsel Benjamin Cheng provided finance advice. Partner Lara Samet Buchwald provided litigation advice. Counsel Tracy L. Matlock and associate William Liang provided tax advice. All members of the Davis Polk team are based in the New York office.

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