Hunton Andrews Kurth Advises Pacific Gas and Electric Company on $1.75 Billion First Mortgage Bonds Offering

Hunton Andrews Kurth LLP advised Pacific Gas and Electric Company (“PG&E”) in connection with its issuance of $300 million aggregate principal amount of Floating Rate First Mortgage Bonds due 2022, $900 million aggregate principal amount of 1.70% First Mortgage Bonds due 2023 and $550 million aggregate principal amount of 3.25% First Mortgage Bonds due 2031. 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, S. Ashley Jaber and Reuben Pearlman. Robert McNamara and Tim Strother provided tax advice. Robert Johnson and Christopher Hasbrouck provided real estate advice.