PRESS RELEASES 2001 RELEASE
FOR IMMEDIATE RELEASE
August 30, 2001
Contact: David Mould, PG&E National Energy Group (301) 280-6804
EDITORS: Please do not use "Pacific Gas and Electric" or "PG&E" when referring to PG&E Corporation or its National Energy Group. The PG&E National Energy Group is not the same company as Pacific Gas and Electric Company, the utility, and is not regulated by the California Public Utilities Commission. Customers of Pacific Gas and Electric Company do not have to buy products or services from the National Energy Group in order to continue to receive quality regulated services from Pacific Gas and Electric Company.

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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