BETHESDA, Md., May 13, 2002 — PG&E National Energy Group, a unit of PG&E Corp., recently announced that its natural gas pipeline subsidiary, PG&E Gas Transmission Northwest (GTN) closed on a new $125 million revolving credit facility.
This three-year facility replaces a $100 million bank facility that was scheduled to expire later this month. Syndication of the facility was oversubscribed.
The Royal Bank of Scotland plc led the transaction as lead arranger and sole bookrunner. Barclays Bank PLC, New York Branch and Bank One, NA acted as co-syndication agents, while Fleet National Bank and Bank of Montreal acted as co-documentation agents.
“This facility provides working capital and credit to finance the ongoing operations and growth of our pipeline,” said John Cooper, PG&E National Energy Group’s senior vice president of finance. “We are delighted with the level of support provided by this set of key domestic and international financial institutions.”
GTN consists of more than 1,350 miles of natural gas transmission pipeline with a capacity of approximately 2.7 billion cubic feet of natural gas per day. Beginning at the British Columbia/Idaho border, it extends 612 miles through northern Idaho, southeastern Washington and central Oregon to the Oregon/California border where it connects with other pipelines. It is the largest transporter of Canadian natural gas into the United States and is the only pipeline directly linking the natural gas reserves in western Canada to the gas markets of California and parts of the Pacific Northwest.
Headquartered in Bethesda, Md., PG&E National Energy Group develops, builds, owns and operates electric generating and natural gas pipeline facilities and provides energy trading, marketing and risk-management services.