fwp
Filed Pursuant to Rule 433
Registration No. 333-149360
March 9, 2009
PRICING TERM SHEET
5.75% Senior Notes due April 1, 2014
     
Issuer:
  PG&E Corporation
 
    
Security:
  5.75% Senior Notes due April 1, 2014
 
    
Size:
  $350,000,000 
 
    
Maturity Date:
  April 1, 2014
 
    
Coupon:
  5.75% 
 
    
Interest Payment Dates:
  October 1 and April 1, commencing October 1, 2009
 
    
Price to Public:
  99.456% 
 
    
Benchmark Treasury:
  1.875% due February 28, 2014
 
    
Benchmark Treasury Yield:
  1.925% 
 
    
Spread to Benchmark Treasury:
  +395 basis points
 
    
Yield:
  5.875% 
 
    
Optional Redemption:
  Make-Whole Call at Treasuries plus 50 basis points
 
    
Expected Settlement Date:
  March 12, 2009
 
    
CUSIP:
  69331C AE8
 
    
Anticipated Ratings:
  Baa1 by Moody’s Investors Service, Inc.
 
  BBB by Standard & Poor’s Ratings Services
 
    
Joint Book-Running Managers:
  BNY Mellon Capital Markets, LLC
 
  Citigroup Global Markets Inc.
 
  Goldman, Sachs & Co.
 
    
Co-Managers:
  The Williams Capital Group, L.P.
 
  Samuel A. Ramirez & Company, Inc.
 
  Utendahl Capital Partners, L.P.
Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.
You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BNY Mellon Capital Markets, LLC toll free at 800-269-6864; Citigroup Global Markets Inc. toll free at 877-858-5407; or Goldman, Sachs & Co. toll free at 1-866-471-2526.