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Pacific Gas And Electric Company Announces Extension Of Early Tender Date, Price Determination Date And Expiration Date Of Its Pending Tender Offer For Up To $500 Million Of Its 4.80% Senior Notes Due 2014

Stocks in this article: PCG

SAN FRANCISCO, June 10, 2013 /PRNewswire/ -- Pacific Gas and Electric Company (PG&E) announced today the extension of the Early Tender Date, the Price Determination Date and the Expiration Date of its previously announced tender offer to purchase for cash up to $500 million in aggregate principal amount of its outstanding 4.80% Senior Notes due 2014 (the "Notes"). The tender offer is subject to the terms and conditions set forth in the Offer to Purchase, dated May 28, 2013, the Letter of Transmittal, and related tender offer materials (the "tender offer documents").

The previously announced Early Tender Date for Notes validly tendered pursuant to the tender offer has been extended to 5:00 p.m., New York City Time, on June 11, 2013 (unless further extended or earlier terminated).  Notes that are validly tendered prior to such time pursuant to the tender offer and accepted for purchase will be entitled to receive the Total Consideration, which is inclusive of the Early Tender Premium, plus accrued and unpaid interest to, but not including, the settlement date for such Notes. 

The previously announced Price Determination Date has been extended to 1:00 p.m., New York City time, on June 11, 2013 (unless further extended or earlier terminated).

The previously announced Expiration Date for Notes validly tendered pursuant to the tender offer has been extended to 11:59 p.m., New York City time, on June 25, 2013 (unless further extended or earlier terminated).

Aside from the extension of the Early Tender Date, the Price Determination Date and the Expiration Date, all other terms and conditions of the tender offer remain unchanged.

PG&E is not extending the Withdrawal Deadline with respect to the tender offer, which occurred at 5:00 p.m., New York City time, on June 10, 2013.  Accordingly, previously tendered Notes and Notes tendered after the Withdrawal Deadline and prior to the expiration of the Offer may not be withdrawn.  As of 5:00 p.m., New York City time, on June 10, 2013, PG&E had received tenders for an aggregate principal amount of approximately $457.5 million of Notes. 

The tender offer is conditioned upon the satisfaction of certain conditions, including PG&E's receipt of funds sufficient to pay the Total Consideration (and the Tender Offer Consideration as applicable) with respect to the Notes. Subject to applicable law, PG&E may also terminate the tender offer at any time before the Expiration Date in its sole discretion.

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