Pacific Gas and Electric Company

11/29/2023 | Press release | Distributed by Public on 11/29/2023 05:48

PG&E Corporation Announces Proposed Offering of $1.5 Billion Convertible Senior Secured Notes due 2027 to Repay Portion of Existing Term Loan

PG&E Corporation Announces Proposed Offering of $1.5 Billion Convertible Senior Secured Notes due 2027 to Repay Portion of Existing Term Loan

PG&E Corporation (NYSE: PCG) announced today that it intends to offer, subject to market and other conditions, $1.5 billion aggregate principal amount of Convertible Senior Secured Notes due 2027 (the "Convertible Notes") in a private placement under the Securities Act of 1933, as amended (the "Securities Act"). PG&E Corporation also intends to grant to the initial purchasers of the Convertible Notes an option to purchase, for settlement within a 13-day period from, and including, the date on which the Convertible Notes are first issued, up to an additional $225 million aggregate principal amount of the Convertible Notes. PG&E Corporation intends to use the net proceeds from the offering of the Convertible Notes to repay a portion of the loans outstanding under its $2.75 billion secured term loan credit agreement entered into in June 2020. On November 24, 2023, borrowings under the term loan credit agreement totaled approximately $2.66 billion. Such borrowings bear