The Oakland-based utility set a withdrawal deadline of 5:00 p.m. New York time on July 31, 2026, for bondholders participating in the tender. The final consideration for the notes will be determined earlier that same day at 3:00 p.m. Payments to investors will include the tender offer consideration plus any accrued and unpaid interest up to the settlement date, provided the company’s financing conditions are met.
PG&E Increases Cash Tender Offer to $1.2 Billion
Pacific Gas and Electric Company is expanding its debt buyback program, raising the aggregate purchase price for two series of outstanding bonds from $1 billion to $1.2 billion. The move targets 3.30% Senior Notes due in 2027 and 2.10% First Mortgage Bonds, also maturing in 2027.
Alongside the increased cap, the company updated requirements for the 3.30% Senior Notes. Investors choosing to tender only a portion of their holdings must ensure they retain a minimum principal amount of $100,000, with any additional amounts held in multiples of $1,000. J.P. Morgan Securities LLC and Barclays Capital Inc. are managing the process, while D. F. King & Co. serves as the information agent for the transaction.
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