By Aleesia Forni
Virginia Beach, Feb. 24 - PG&E Corp. priced $350 million of 2.4% senior notes due 2019 with a spread of 88 basis points over Treasuries on Monday, according to a syndicate source.
The notes (Baa1/BBB-/BBB+) sold at the tight end of talk.
Pricing was at 99.831 to yield 2.436%.
Barclays, BNP Paribas Securities Corp. and Citigroup Global Markets Inc. were the joint bookrunners.
The co-managers were Drexel Hamilton and Great Pacific Securities.
Proceeds will be used to pay the company's 5.75% senior notes due April 1, 2014.
The company provides electric and natural gas services through its subsidiaries and is based in San Francisco.
Issuer: | PG&E Corp.
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Amount: | $350 million
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Description: | Senior notes
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Maturity: | 2019
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Bookrunners: | Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc.
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Co-managers: | Drexel Hamilton, Great Pacific Securities
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Coupon: | 2.4%
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Price: | 99.831
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Yield: | 2.436%
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Spread: | Treasuries plus 88 bps
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Trade date: | Feb. 24
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Settlement date: | Feb. 27
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Ratings: | Moody's: Baa1
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| Standard & Poor's: BBB-
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| Fitch: BBB+
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Price talk: | Treasuries plus 90 bps area
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Make-whole call: | Treasuries plus 15 bps prior to Feb. 1, 2019, then callable at par
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Distribution: | SEC-registered
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