PG&E Accepts $1.2B in Bond Tenders, Prorates 2.10% Notes at 18.2%
PCG sits 31% above its 52-week low of $13.315.
Summary
Pacific Gas and Electric completed its cash tender offers, accepting $1.219 billion of its 2027 notes. The 3.30% senior notes were fully accepted, while the 2.10% first mortgage bonds were prorated at 18.2% due to oversubscription. This follows the utility's recent $2.2 billion bond sale and credit facility upsizing, reflecting active liability management. The tender reduces near-term debt maturities, modestly improving the maturity profile. No material impact on earnings or liquidity is expected.
At the time of this announcement, PCG was trading at $17.41 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $38.3B. The 52-week trading range was $13.32 to $19.16. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: PR Newswire.