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Pacific Gas and Electric launches private offering of senior notes

Pacific Gas and Electric Co. launched a private offering for three series of senior notes, according to a Nov. 27 filing. The company is selling floating-rate notes due 2018, fixed-rate notes due 2027 and fixed-rate notes due 2047.

The PG&E Corp. subsidiary plans to use proceeds of the offering to repay $700 million of its 5.625% senior notes due Nov. 30, $250 million of its floating-rate senior notes due Nov. 30 and $250 million of its floating-rate unsecured term loan maturing Feb. 22, 2018. The remaining balance would be used for general corporate purposes, including CapEx, repayment of outstanding commercial paper and additional indebtedness.