PG&E prices 12 million shares of quarterly income preferred securities

Business Wire, Nov 21, 1995

SAN FRANCISCO--(BUSINESS WIRE)--Nov. 21, 1995--Pacific Gas and Electric Company (PG&E) and PG&E Capital I, a trust controlled by PG&E, today priced 12 million shares of Quarterly Income Preferred Securities (QUIPS), Series A to be issued by the trust with an annual distribution of $1.975, yielding 7.90 percent to investors.

The shares, which will be listed on the American and Pacific Stock Exchanges, will be sold to the public at a price of $25 per share. The annual cost to the Company for this financing is 8.18 percent.

Proceeds from the sale of the Series A Preferred Securities will be used by the trust to purchase Series A Debentures from PG&E. The net proceeds from the sale of the debentures will be applied to PG&E's capital expenditures and to the repurchase of its preferred stock.

The deal was lead managed by Goldman, Sachs & Co. Co-managers were Dean Witter Reynolds, Inc. A.G. Edwards & Sons, Lehman Brothers Inc., Morgan Stanley & Co. Incorporated, Paine Webber Incorporated and Smith Barney Inc.

CONTACT: Pacific Gas and Electric Company

Tony Ledwell, 415/973-5930