SAN FRANCISCO - Pacific
Gas and Electric Company today announced that it would make interest
payments on May 31, 2002, for the month of March 2002 on certain
of its unsecured financial debt.
Pacific Gas and Electric
Company requested and received permission from U.S. Bankruptcy Court
to pay unpaid interest to certain unsecured financial creditors
and to make quarterly payments to such creditors on a going forward
basis.
Pursuant to the court's
March 27, 2002 order, the utility was required to make an initial
payment of pre- and post-petition interest to holders of certain
financial debt within ten days after court approval of the utility's
disclosure statement. The court subsequently approved the disclosure
statement on April 24, 2002, and Pacific Gas and Electric Company
made an initial interest payment to these creditors on May 6, 2002
for the period ending February 28, 2002. The payment announced today
is for interest for the month ended March 31, 2002. The ex-interest
date for the interest payment is May 28, 2002, and the record date
for the interest payment is May 30, 2002.
Holders of the following
unsecured financial debt will be included in these payments: commercial
paper, medium-term notes, senior notes, floating rate notes, and
Southern San Joaquin Valley Power Authority bonds. Future payments
on unsecured financial debt will be made quarterly. The next interest
payment date will be July 1, 2002. Information regarding the payment
amount per security will be posted on the PG&E Corporation website
(www.pgecorp.com) shortly.
Pacific Gas and Electric
Company also announced today that it will make an interest payment
on May 31, 2002, for the month ended March 31, 2002 on its 7.90
percent Deferrable Interest Subordinated Debentures, Series A. The
ex-interest date for the interest payment is May 28, 2002. The record
date for the interest payment is May 30, 2002. The interest payment
per $25 security is $.177976. The property trustee notified security
holders on April 24, 2002, that on May 24, 2002, the 7.90 percent
Deferrable Interest Subordinated Debentures, Series A, would replace
PG&E Capital I's 7.90 percent cumulative Quarterly Income Preferred
Securities, Series A. Future payments on these debentures will be
made quarterly. The next interest payment date will be July 1, 2002.
The Bankruptcy Court's March
27, 2002 order also gave Pacific Gas and Electric Company permission
to pay interest to certain other unsecured creditors, including
vendors and service providers. Pacific Gas and Electric Company
plans to make the first payment of interest to these creditors on
or about July 30, 2002 and on a quarterly basis thereafter. The
record date for the interest payment is June 30, 2002.