EDITORS: Please do not use
"Pacific Gas and Electric" or "PG&E" when
referring to PG&E Corporation or its National Energy Group.
The PG&E National Energy Group is not the same company as Pacific
Gas and Electric Company, the utility, and is not regulated by the
California Public Utilities Commission. Customers of Pacific Gas
and Electric Company do not have to buy products or services from
the National Energy Group in order to continue to receive quality
regulated services from Pacific Gas and Electric Company.
ENERGY GROUP COMPLETES $1.25 BILLION CREDIT TRANSACTION
BETHESDA, Md. - PG&E National
Energy Group (PG&E NEG) has closed on its new $1.25 billion revolving
credit facility. This senior, unsecured facility consists of a $500
million, two-year tranche and a $750 million, one-year tranche.
Syndication of the facility was oversubscribed.
J.P. Morgan Securities Inc.
led the transaction as lead arranger and bookrunner. Dresdner Bank
AG and The Royal Bank of Scotland acted as co-syndication agents.
Barclays Bank PLC and Westdeutsche Landesbank Girozentale acted
as co-documentation agents. Co-arrangers included ABN AMRO Bank
N.V, Citibank, Credit Lyonnais, DG Bank Deutsche Genossenschaftsbank
and Societe Generale. Bank of Montreal, The Bank of Nova Scotia,
Union Bank of Switzerland, Fortis Capital, Toronto Dominion and
Fleet National Bank also provided substantial commitments.
"This facility provides
working capital and credit to finance our growth plan," said John
Cooper, PG&E NEG's senior vice president of finance. "We are delighted
that such a significant group of international financial institutions
are participating in this transaction."
Headquartered in Bethesda,
Md., PG&E NEG - a subsidiary of PG&E Corporation (NYSE: PCG) - develops,
owns and operates electric generating and gas pipeline facilities
and provides energy trading, marketing and risk-management services.