PRESS RELEASES 2004
FOR IMMEDIATE RELEASE
March 12, 2004
ISSUED BY:   Corporate Communications 1-800-743-6397

PACIFIC GAS AND ELECTRIC COMPANY PLANS TO OFFER $6.7 BILLION IN FIRST MORTGAGE BONDS AS PART OF FINANCING PLAN TO EMERGE FROM CHAPTER 11

SAN FRANCISCO - Pacific Gas and Electric Company today announced that it intends to offer $6.7 billion in first mortgage bonds as part of its financing plan to emerge from Chapter 11. The proceeds of the offering, subject to satisfaction of certain conditions to implement the company's confirmed plan of reorganization, will be used to pay allowed creditor claims as the company emerges from Chapter 11.

The offering will be completed under a shelf registration statement previously filed with the Securities and Exchange Commission. The $6.7 billion in first mortgage bonds will be sold in multiple tranches.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of the bonds in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such state or other jurisdiction. The bonds will be offered only by means of a prospectus, including the prospectus supplement relating to the bonds, meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Lehman Brothers and UBS Investment Bank will act as joint bookrunners for this offering. A written prospectus supplement and the related prospectus may be obtained from Lehman Brothers at 745 Seventh Avenue, New York, NY 10019 or UBS Investment Bank at 677 Washington Boulevard, Stamford CT 06901.


 

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