SAN FRANCISCO, CA - PG&E Corporation (NYSE:PCG)
today announced that it has closed on the private placement
of $600 million of 6-7/8 percent Senior Secured Notes
due 2008. The notes were offered within the United States
only to qualified institutional investors pursuant to
Rule 144A under the United States Securities Act of
1933 and, outside the United States, only to non-U.S.
The net proceeds of the offering, together with cash
on hand, were used to pay off and terminate PG&E
Corporation's existing credit agreement, including accrued
interest and prepayment premiums.
The offer and sale of the 6-7/8 percent Senior Secured
Notes due 2008 have not been registered under the United
States Securities Act of 1933 or under any state securities
laws and may not be offered or sold in the United States
absent registration or an applicable exemption from
registration requirements under the Securities Act and
applicable state securities laws. This press release
does not constitute an offer to sell or the solicitation
of an offer to buy the notes and shall not constitute
an offer, solicitation or sale in any jurisdiction in
which such, offer, solicitation or sale would be unlawful.
PG&E Corporation is an energy-based holding company
headquartered in San Francisco.
It is the parent company of Pacific Gas and Electric
Company and PG&E National Energy Group.