# EDGAR Filing Document

**Accession Number:** 0000075488
**File Stem:** 0001193125-25-133406
**Filing Date:** 2025-6
**Character Count:** 11002
**Document Hash:** c8c6644b7956f06ce4d15bb67fa56d79
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-133406.hdr.sgml**: 20250602

**ACCESSION NUMBER**: 0001193125-25-133406

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250602

**DATE AS OF CHANGE**: 20250602

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PACIFIC GAS & ELECTRIC Co
- **CENTRAL INDEX KEY:** 0000075488
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 940742640
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-277286-01
- **FILM NUMBER:** 251015860

**BUSINESS ADDRESS:**
- **STREET 1:** 300 LAKESIDE DRIVE
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612
- **BUSINESS PHONE:** 4159731000

**MAIL ADDRESS:**
- **STREET 1:** 300 LAKESIDE DRIVE
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PACIFIC GAS & ELECTRIC CO
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PACIFIC GAS & ELECTRIC Co
- **CENTRAL INDEX KEY:** 0000075488
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 940742640
- **STATE OF INCORPORATION:** CA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 300 LAKESIDE DRIVE
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612
- **BUSINESS PHONE:** 4159731000

**MAIL ADDRESS:**
- **STREET 1:** 300 LAKESIDE DRIVE
- **CITY:** OAKLAND
- **STATE:** CA
- **ZIP:** 94612

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PACIFIC GAS & ELECTRIC CO
- **DATE OF NAME CHANGE:** 19920703

*Issuer Free Writing Prospectus dated June 2, 2025* 

*Filed Pursuant to Rule 433* 

*Registration No. 333-277286-01* 

*(Supplementing the Preliminary Prospectus Supplement* 

*dated June 2, 2025 to the Prospectus dated February 22, 2024)* 

**Pacific Gas and Electric Company** 

**<u>PRICING TERM SHEET</u>**

![LOGO](g945228g0603004616033.jpg)

**$400,000,000 5.000% First Mortgage Bonds due 2028 (the "2028 Mortgage Bonds")** 

**$850,000,000 6.000% First Mortgage Bonds due 2035 (the "2035 Mortgage Bonds")** 

**(all together, the "Mortgage Bonds")** 

*The information in this pricing term sheet relates to Pacific Gas and Electric Company's offering of the Mortgage Bonds listed above and should be read together with the preliminary prospectus supplement dated June 2, 2025 (the "Preliminary Prospectus Supplement") relating to such offering and the accompanying prospectus dated February 22, 2024, including the documents incorporated by reference therein, each filed pursuant to Rule 424(b) under the Securities Act of 1933, as amended, included in the Registration Statement No. 333-277286-01 (as supplemented by such Preliminary Prospectus Supplement, the "Preliminary Prospectus"). The information in this pricing term sheet supplements the Preliminary Prospectus and supersedes the information in the Preliminary Prospectus to the extent inconsistent with the information in the Preliminary Prospectus. Other information (including financial information) presented or incorporated by reference in the Preliminary Prospectus is deemed to have changed to the extent affected by the changes described herein.* 

*Capitalized terms not defined herein are defined as such in the Preliminary Prospectus.* 

---

| | |
|:---|:---|
| **Issuer:** | Pacific Gas and Electric Company (the "Company") |
| **Anticipated Ratings**<br> **(Moody's/S&P/Fitch)\*:** | Baa1 (Stable) / BBB (Positive Outlook) / BBB (Positive Outlook) |
| **Trade Date:** | June 2, 2025 |
| **Settlement Date\*\*:** | June 4, 2025 (T+2) |
| **Proceeds to the Company:** | Approximately $1,238,260,000 (after deducting the underwriting discounts, but before deducting estimated offering expenses payable by the Company). |
| **Use of Proceeds:** | The Company expects to use the net proceeds for the repayment at maturity of a portion of its $1,951,470,000 aggregate principal amount of its 3.15% First Mortgage Bonds due January 1, 2026. |
| **Joint Book-Running Managers:** | BMO Capital Markets Corp.<br> BofA Securities, Inc.<br> Citigroup Global Markets Inc.<br> J.P. Morgan Securities LLC |

---

------

---

| | |
|:---|:---|
| **Co-Managers:** | BNY Mellon Capital Markets, LLC <br>Loop Capital Markets LLC<br> RBC Capital Markets, LLC<br> C.L. King & Associates, Inc. <br>Great Pacific Securities<br> Independence Point Securities LLC <br>Stern Brothers & Co. |
| **Aggregate Principal Amount Offered:** | 2028 Mortgage Bonds: $400,000,000<br> 2035 Mortgage Bonds: $850,000,000 |
| **Issue Price:** | 2028 Mortgage Bonds: 99.829% of the principal amount, plus accrued interest, if any, from June 4, 2025<br> 2035 Mortgage Bonds: 99.514% of the principal amount, plus accrued interest, if any, from June 4, 2025 |
| **Maturity Date:** | 2028 Mortgage Bonds: June 4, 2028<br> 2035 Mortgage Bonds: August 15, 2035 |
| **Interest:** | 2028 Mortgage Bonds: 5.000% per annum<br> 2035 Mortgage Bonds: 6.000% per annum |
| **Interest Payment Dates:** | 2028 Mortgage Bonds: Payable semi-annually in arrears on June 4 and December 4 of each year, commencing on December 4, 2025<br>2035 Mortgage Bonds: Payable semi-annually in arrears on February 15 and August 15 of each year, commencing on August 15, 2025 |
| **Regular Record Dates:** | With respect to the 2028 Mortgage Bonds, the close of business on (i) the business day immediately preceding such interest payment date so long as all of the 2028 Mortgage Bonds remain in book-entry only form or (ii) the May 20 and November 20 immediately preceding such interest payment date (whether or not a business day) if any of the 2028 Mortgage Bonds do not remain in book-entry only form.<br>With respect to the 2035 Mortgage Bonds, the close of business on (i) the business day immediately preceding such interest payment date so long as all of the 2035 Mortgage Bonds remain in book-entry only form or (ii) the February 1 and August 1 immediately preceding such interest payment date (whether or not a business day) if any of the 2035 Mortgage Bonds do not remain in book-entry only form. |
| **Benchmark Treasury:** | 2028 Mortgage Bonds: UST 3.750% due May 15, 2028<br> 2035 Mortgage Bonds: UST 4.250% due May 15, 2035 <br>|
| **Benchmark Treasury Price:** | 2028 Mortgage Bonds: 99-17 5/8<br> 2035 Mortgage Bonds: 98-09 |
| **Benchmark Treasury Yield:** | 2028 Mortgage Bonds: 3.912%<br> 2035 Mortgage Bonds: 4.466% |
| **Spread to Benchmark Treasury:** | 2028 Mortgage Bonds: +115 basis points<br> 2035 Mortgage Bonds: +160 basis points |

---

------

---

| | |
|:---|:---|
| **Re-Offer Yield:** | 2028 Mortgage Bonds: 5.062%<br> 2035 Mortgage Bonds: 6.066% <br>|
| **Optional Redemption:** | Prior to (i) in the case of the 2028 Mortgage Bonds, May 4, 2028 (one month prior to the maturity date of the 2028 Mortgage Bonds) and (ii) in the case of the 2035 Mortgage Bonds, May 15, 2035 (three months prior to the maturity date of the 2035 Mortgage Bonds) (the applicable date with respect to the 2028 Mortgage Bonds and the 2035 Mortgage Bonds, each a "Par Call Date"), the Company may redeem the 2028 Mortgage Bonds and/or the 2035 Mortgage Bonds at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal places) equal to the greater of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Mortgage Bonds matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points in the case of the 2028 Mortgage Bonds and 25 basis points in the case of the 2035 Mortgage Bonds, each less (b) interest accrued to, but excluding, the date of redemption; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the principal amount of the Mortgage Bonds to be redeemed, plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date.<br>On or after the applicable Par Call Date, the Company may redeem the Mortgage Bonds, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Mortgage Bonds being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. |
| **CUSIP / ISIN:** | 2028 Mortgage Bonds: 694308 KW6 / US694308KW66<br> 2035 Mortgage Bonds: 694308 KX4 / US694308KX40 |

---

**\*** **Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.** 

**\*\*** **Note: It is expected that delivery of the Mortgage Bonds will be made against payment for the Mortgage Bonds on or about June 4, 2025, which is the second business day following the date hereof (such settlement cycle being referred to as "T+2"). Under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Mortgage Bonds on the date hereof will be required, by virtue of the fact that the mortgage bonds initially will settle in T+2, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement. Purchasers of the Mortgage Bonds who wish to trade the Mortgage Bonds during the period described above should consult their own advisors.** 

**The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer** 

------

 **participating in the offering will arrange to send you the prospectus if you request it by contacting each of: BMO Capital Markets Corp at 1-888-200-0266, BofA Securities, Inc. at 1-800-294-1322, Citigroup Global Markets Inc. at 1-800-831-9146 or J.P. Morgan Securities LLC at 1-212-834-4533.** 

***ANY DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH DISCLAIMERS OR OTHER NOTICES WERE AUTOMATICALLY GENERATED AS A RESULT OF THIS COMMUNICATION BEING SENT VIA BLOOMBERG OR ANOTHER EMAIL SYSTEM.***