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.