PG&E expected to price $3.75 billion of five-, eight- and 10-year high-yield notes on Friday

By Paul A. Harris

Portland, Ore., June 15 – PG&E Corp. is expected to price $3.75 billion of senior secured high-yield notes (B1/BB-/BB) on Friday, according to market sources.

The offering is comprised of tranches of five-year notes with two years of call protection, eight-year notes with three years of call protection and 10-year notes with five years of call protection.

J.P. Morgan Securities LLC, BofA Securities Inc., Barclays, Citigroup Global Markets Inc. and Goldman Sachs & Co. LLC are the joint bookrunners.

The San Francisco-based electric and natural gas utility plans to use the proceeds to finance its exit from Chapter 11 bankruptcy.

The company filed for bankruptcy protection early in 2019 in the face of massive claims against it for California wildfires.

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