November 16, 2020
Hunton Andrews Kurth LLP advised Pacific Gas and Electric Company (“PG&E”) in connection with its issuance of $1.45 billion aggregate principal amount of Floating Rate First Mortgage Bonds due 2021. The offering closed on November 16, 2020.
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, 2019, approximately two-thirds of PG&E’s revenues were associated with owning and operating gas, electric, and generation infrastructure. The remaining third were pass-through costs primarily associated with commodity procurement. PG&E had approximately $95.59 billion in assets at September 30, 2020 and generated operating revenues of approximately $17.1 billion in 2019.
The Hunton Andrews Kurth team included Michael F. Fitzpatrick, Kevin Felz, Patrick Jamieson and S. Ashley Jaber. Robert McNamara and Tim Strother provided tax advice.