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PG&E completes $2.5B exchange offer for senior notes

Pacific Gas and Electric Co. has accepted approximately $2.47 billion of outstanding senior notes that were validly tendered and not withdrawn in connection with its $2.5 billion exchange offer, according to a Form 8-K filed May 15.

The exchange offer, which expired at 5 p.m. ET on May 14, was for all of the utility's outstanding floating-rate notes due 2018, 3.3% notes due 2027 and 3.95% notes due 2047 for a like amount of newly registered notes. As of the expiry date, holders validly tendered $492.5 million, or 98.50%, of the 2018 notes; $1.13 billion, or 98.24%, of the 2027 notes; and $849.8 million, or 99.98%, of the 2047 notes.

The Bank of New York Mellon Trust Co. NA acted as exchange agent for the exchange offer.

Pacific Gas and Electric is a PG&E Corp. subsidiary.