2010 FERC Form 1 - Pacific Gas and Electric Company

Name of Respondent
PACIFIC GAS AND ELECTRIC COMPANY
This Report is:
(1) X An Original
(2) A Resubmission
Date of Report
(Mo, Da, Yr)
04/08/2011
Year/Period of Report
2010/Q4
NOTES TO FINANCIAL STATEMENTS (Continued)
Total Utility long-term debt, net of current portion 10,557 10,033
Total consolidated long-term debt, net of current portion $ 10,906 $ 10,381
(1) At December 31, 2010, interest rates on these bonds and the related loans ranged from 0.26% to 0.31%.
(2) Each series of these bonds is supported by a separate direct-pay letter of credit that expires on February 26, 2012. Although the stated maturity
date is 2026, each series will remain outstanding only if the Utility extends or replaces the letter of credit related to the series or otherwise obtains a
consent from the issuer to the continuation of the series without a credit facility.
(3) The Utility has obtained credit support from insurance companies for these bonds.
(4) These bonds bore interest at 3.75% per year through September 19, 2010, and were subject to mandatory tender on September 20, 2010. The
Utility repurchased these bonds on September 20, 2010.
(5) At December 31, 2010, interest rates on these bonds and the related loans ranged from 0.22% to 0.29%.
(6) Each series of these bonds is supported by a separate direct-pay letter of credit that expires on October 29, 2011. The Utility may choose to
provide a substitute letter of credit for any series of these bonds, subject to a rating requirement.
(7) These bonds bear interest at 2.25% per year through April 1, 2012, are subject to mandatory tender on April 2, 2012, and may be remarketed in a
fixed or variable rate mode.
PG&E Corporation
Convertible Subordinated Notes
PG&E Corporation issued 16,370,779 shares of common stock upon conversion of the $247 million principal amount of
PG&E Corporation’s 9.5% Convertible Subordinated Notes at a conversion price of $15.09 per share between June 23 and June 29,
2010. These notes were no longer outstanding as of December 31, 2010.
Utility
Senior Notes
On April 1, 2010, the Utility issued $250 million principal amount of 5.8% Senior Notes due March 1, 2037.
On September 15, 2010, the Utility issued $550 million principal amount of 3.5% Senior Notes due October 1, 2020.
On November 18, 2010, the Utility issued $250 million principal amount of 3.5% Senior Notes due October 1, 2020 and $250
million of 5.4% Senior Notes due January 15, 2040.
Pollution Control Bonds
The California Pollution Control Financing Authority and the California Infrastructure and Economic Development Bank
have issued various series of fixed rate and multi-modal tax-exempt pollution control bonds for the benefit of the Utility. Under the
pollution control bond loan agreements related to the Series 1996 A bonds, the Series 2004 A–D bonds, and the Series 2010 E bonds,
the Utility is obligated to pay on the due dates an amount equal to the principal; premium, if any; and interest on these bonds to the
trustees for these bonds. With respect to the Series 1996 C, E, and F bonds; the Series 1997 B bonds; and the Series 2009 A–D bonds
which currently bear interest at variable rates, the Utility reimburses the letter of credit providers for their payments to the trustee for
these bonds, or if a letter of credit provider fails to pay under its respective letter of credit, the Utility is obligated to pay the principal;
premium, if any; and interest on those bonds. All payments on the Series 1996 C, E, and F bonds; the Series 1997 B bonds; and the
Series 2009 A–D bonds are made through draws on separate direct-pay letters of credit for each series issued by a financial institution.
The Utility has obtained credit support from insurance companies for the Series 1996 A bonds and the Series 2004 A–D
bonds such that if the Utility does not pay the principal and interest on any series of these insured bonds, the bond insurer for that
series will pay the principal and interest.
FERC FORM NO. 1 (ED. 12-88) Page 123.14