Business
African American-owned banks work with PG&E for $750 million bond sale
(PRNewswire) – San Fransico, California – As part of its commitment to diversity and inclusion, Pacific Gas and Electric Company (PG&E) employed four diverse-owned investment banks to help manage an offering of $750 million of 10-year and 30-year senior notes that closed successfully on June 14.
CastleOak Securities, an African American-owned investment bank headquartered in New York City, was one of four joint lead managers on the deal.
The co-managers included:
– African American-owned The Williams Capital Group in New York City;
– service-disabled, veteran-owned Great Pacific Securities in Southern California;
– and African American-owned Kota Global Securities in San Francisco.
In total, PG&E paid more than US$1 million to the diverse investment banks to help execute this transaction, the most fees it has ever paid to diverse banks on a single transaction.
“We were proud to work with these firms to successfully complete this major transaction,” said Kent Harvey, Senior Vice President and Chief Financial Officer of PG&E Corporation. “This collaboration reflects PG&E’s strong commitment to engaging diverse businesses as suppliers to PG&E.
Through all facets of our work to deliver safe, reliable and affordable gas and electric service to our customers, we are supporting economic development, job creation and diversity in the many communities we serve.”
