Pacific Gas and Electric Company Announces Pricing Terms of Cash Tender Offers

About this update from Pacific Gas & Electric Co.

OAKLAND, Calif., July 31, 2026 /PRNewswire/ -- Pacific Gas and Electric Company (the "Company") today announced the pricing terms of its previously announced cash tender offers ("Tender Offers") to purchase up to an aggregate principal amount that will not result in an aggregate purchase price that exceeds $1,200,000,000 (subject to increase or decrease by the Company, the "Aggregate Maximum Tender Amount") of its outstanding 3.30% Senior Notes due December 1, 2027 (the "3.30% Senior Notes") and 2.10% First Mortgage Bonds due August 1, 2027 (the "2.10% First Mortgage Bonds", and, together with the 3.30% Senior Notes, the "Bonds" and, each series, a "series of Bonds"), upon the terms and subject to the conditions set forth in the Offer to Purchase, dated July 27, 2026 (as amended by the press release dated July 27, 2026 regarding an upsize to the Aggregate Maximum Tender Amount, the "Offer to Purchase"), subject to the Acceptance Priority Levels as set forth in the Offer to Purchase.The "Tender Offer Consideration" for each per $1,000 principal amount of the Bonds validly tendered and accepted for purchase pursuant to the Tender Offers was determined by reference to the applicable fixed spread over the yield to maturity based on the bid side price of the applicable U.S. Treasury Security, and will be payable to the registered holders ("Holders") of the Bonds who validly tender and do not validly withdraw their Bonds at or before 5:00 p.m., New York City time, on July 31, 2026 (the "Withdrawal Deadline") and whose Bonds are accepted for purchase by the Company. The reference yields (as determined pursuant to the Offer to Purchase) were determined at 3:00 p.m., New York City time, today, July 31, 2026, by the Dealer Managers (as defined below).Payments for the Bonds purchased will include accrued and unpaid interest from and including the last interest payment date applicable to the relevant series of Bonds up to, but not including, the settlement date for such Bonds accepted for purchase. The settlement date for the Bonds that are validly tendered on or prior to 5:00 p.m., New York City time, on July 31, 2026 (the "Expiration Date") is expected to be August 4, 2026, two business days following the scheduled Expiration Date (the "Settlement Date").Based upon information received from D.F. King & Co., Inc., the tender and information agent for the Te...

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