PG&E National 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.


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