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.
ENERGY GROUP EXTENDS EXCHANGE OFFER FOR 10.375 PERCENT NOTES DUE
BETHESDA, Md. - PG&E Corporation's
(NYSE: PCG) PG&E National Energy Group (PG&E NEG) today announced
that in light of the recent market closure, it has extended the
expiration date of its offer to exchange $1 billion of notes issued
on May 22, 2001, in a private placement.
The exchange is for $1 billion
principal amount of its 10.375 percent senior notes due 2011 ("new
notes"). The new notes have been registered under the Securities
Act of 1933, for like amounts of its existing 10.375 percent senior
notes due 2011 ("original notes").
The new expiration date
of the exchange offer is Oct. 1, 2001, at 5 p.m. EDT, unless further
extended by PG&E NEG. The exchange offer was previously set to expire
at 5 p.m. EDT today.
Except for the absence of
transfer restrictions under the federal securities laws applicable
to the original notes, the new notes are identical to the original
notes. Except for the extension of the expiration date, all other
terms and provisions of the exchange offer remain as set forth in
the exchange offer prospectus previously furnished to the registered
holders of the original notes.
As of the close of business
Friday, Sept. 21, $689,505,000 of original notes have been tendered
For copies of the exchange
offer materials or to request assistance regarding the exchange
offer, please call Wilmington Trust Company, the exchange agent
for the exchange offer, at (302) 651-1562.
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 in North