PG&E National Energy Group completes $550 million credit transaction

BETHESDA, Md., June 21, 2001 — PG&E National Energy Group has completed its transaction for a new $550 million senior unsecured letter of credit and revolving credit facility.

The facility, which closed on June 15, will be used primarily for letters of credit to support trading and for working capital requirements.

J.P. Morgan Securities Inc. led the transaction as bookrunner and lead arranger. Societe Generale and Citibank participated as arrangers with Dresdner Kleinwort Wasserstein, ABN AMRO and Credit Lyonnais acting as co-arrangers. The all-in drawn pricing is 1.625 percent over LIBOR at the BBB level.

"This transaction marks the conclusion of the National Energy Group's effort to establish a credit identity that is independent of PG&E Corporation and signals the National Energy Group's re-entry into the commercial bank market to support our trading and development efforts," said John Cooper, the National Energy Group's senior vice president of finance.

Headquartered in Bethesda, Md., PG&E National Energy Group - a subsidiary of PG&E Corporation — develops, owns and operates electric generating and gas pipeline facilities and provides energy trading, marketing and risk-management services.

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