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Bond Market News
PG&E Planning to Sell Minority Stake in Unit to KKR
May 2, 2024
Pacific Gas and Electric Company (PG&E) is in talks to sell a minority stake in its power unit to KKR & Co. As part of PG&E’s plan to spin off its non-nuclear generation unit, it would sell the stake in its hydroelectric, natural gas, solar and battery storage facilities. The deal size was not known. Regulators have however, indicated that they are not in favor of this transaction. However, if it successfully goes through, PG&E estimates that it would reduce customer rates by $100mn over the next 20 years, whilst also improving its credit profile and thereby lower borrowing costs.
PG&E’s dollar bonds were trading slightly higher – its 5.25% 2030s were up 0.3 points to 94.13, yielding 6.42%.
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