$988 Million Pollution Control Bonds Issued For PG&E.SAN FRANCISCO--(BUSINESS WIRE)--May 23, 1996--The California Pollution Control Financing Authority today issued approximately $988 million in tax-exempt bonds Tax-exempt bond A bond usually issued by municipal, county, or state governments whose interest payments are not subject to federal and, in some cases, state and local income tax. tax-exempt bond See municipal bond. on behalf of Pacific Gas and Electric Company
The Pacific Gas and Electric Company (PG&E) , (NYSE: PCG), is the utility that provides natural gas and electricity to most of Northern California. . The tax-exempt bonds were issued in seven series, 1996 Series A to G, with maturities ranging from 2016 to 2026. The bonds will bear interest at either daily, weekly or flexible rates. The proceeds from the issuance of the 1996 Series A to G bonds will be applied to the redemption of eight series of bonds previously issued by the Authority to financial pollution control facilities at various PG&E power plants. The prior pollution control bonds, which the Authority issued on behalf of PG&E, to be redeemed are as follows: the 1986 Series A on June 1, 1996, the 1978 Series A on June 30, 1996, and 1988 Series A to F from July 15 to August 15, 1996. Based on current interest rates and as a result of the increased maturities on four of the new series, the refinancing Refinancing An extension and/or increase in amount of existing debt. is estimated to result in net present value savings of approximately $57 million. Lead manager for the issues was Goldman, Sachs & Co. Co-managers were J.P. Morgan & Co. and Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. . CONTACT: Pacific Gas & Electric Diane Sable sable, species of marten, Martes zibellina, found in Siberia, N European Russia, and N Finland. This carnivorous mammal is highly valued for its thick, soft fur, which is dark brown or black, sometimes with white underparts and sometimes flecked with silver. , 415/973-5906 |
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