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PG&E Subsidiary Raises $2 Billion Through Mortgage Bond Offering

Pacific Gas and Electric Company, the utility subsidiary of PG&E Corporation (NYSE: PCG), completed the sale of $2 billion in first mortgage bonds on October 2, 2025. The issuance includes $400 million of 5.000% bonds due 2028, $850 million of 5.050% bonds due 2032, and $750 million of 6.100% bonds due 2055. The new 2028 bonds form part of an existing series first issued in June 2025, bringing the total outstanding for that maturity to $800 million.

The bonds were sold under an underwriting agreement with Barclays, BNP Paribas, MUFG Securities, and RBC Capital Markets. Proceeds are expected to support general corporate purposes and strengthen the utility’s capital structure as it continues to manage long-term obligations. The offering reflects PG&E’s ongoing efforts to access debt markets at scale while maintaining financial flexibility.
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Author
WS Investor 10-02-25
PG&E Corporation will hold a conference call on Monday September 29, 2025, at 10:00 AM Eastern Time, to provide an investor update, including extending its investment plan through 2030.
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Author
European Investor 09-26-25
PG&E Secures $500M Term Loan Backed by First Mortgage Bond

Pacific Gas and Electric Company entered into a $500 million Term Loan Credit Agreement with Wells Fargo as administrative agent and a syndicate of lenders. The loan, borrowed in full at closing, matures on Sept. 23, 2026.

Borrowings carry interest at either Term SOFR plus 1.25% or an alternative base rate plus 0.25%. The loan is secured by a first mortgage bond issued under the company’s Mortgage Indenture, ranking pari passu with PG&E’s other first mortgage bonds.

The agreement includes customary covenants, including a maximum consolidated debt-to-capitalization ratio of 65%, and standard default provisions. Concurrently, PG&E executed the Thirtieth Supplemental Indenture with The Bank of New York Mellon Trust Company to issue the collateral bond securing the facility.
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Author
Global Finance News 09-25-25
PG&E Corporation and Pacific Gas and Electric Company Expand and Extend Credit Agreements

OAKLAND, CA – June 24, 2025 – PG&E Corporation (NYSE: PCG) and its subsidiary, Pacific Gas and Electric Company, have each announced the successful execution of significant amendments to their respective revolving credit agreements, strengthening their liquidity positions and extending financial flexibility.

Pacific Gas and Electric Company – Utility Credit Agreement
On June 23, 2025, Pacific Gas and Electric Company signed Amendment No. 5 to its Utility Revolving Credit Agreement, originally dated July 1, 2020. The key changes include:

Extension of maturity to June 21, 2030.

Increase in total lender commitments from $4.4 billion to $5.4 billion.

Adjustments to the interest rate and commitment fee pricing grids to reflect updated market terms.

Citibank, N.A. acted as the administrative and designated agent.

PG&E Corporation – Corporate Credit Agreement
Simultaneously, PG&E Corporation entered into Amendment No. 5 to its Corporate Revolving Credit Agreement. Highlights of the amendment are:

Extension of maturity to June 22, 2028.

Increase in aggregate lender commitments from $500 million to $650 million.

Revised pricing terms for interest and fees.

JPMorgan Chase Bank, N.A. served as the administrative agent.

Both amendments support PG&E’s ongoing commitment to prudent financial management and provide enhanced liquidity for operational and strategic purposes.
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Author
ME NEWS 06-25-25
Pacific Gas and Electric Company (PG&E) entered into significant agreements on January 17, 2025, including a Loan Guarantee Agreement with the U.S. Department of Energy (DOE) and a Note Purchase Agreement with the Federal Financing Bank. These agreements establish a multi-advance term loan facility allowing PG&E to borrow up to $15 billion for projects deemed eligible by the DOE under the Title XVII Loan Guarantee Program. The facility permits quarterly borrowing until September 15, 2031, or until the $15 billion cap is reached, with advances subject to stringent conditions, including compliance with environmental and labor laws. Each advance will mature either 22 years after issuance or by January 17, 2055, and will bear interest at Treasury rates plus 0.375%.

The loans are secured by PG&E's collateral first mortgage bonds and subject to various covenants and events of default. These include maintaining a debt-to-capitalization ratio below 65%, adhering to federal regulations, and ensuring project eligibility. In the event of a default, the DOE may enforce penalties, including accelerated repayment. PG&E also outlined mandatory and optional prepayment scenarios, including conditions tied to project abandonment or regulatory approval gaps. These agreements enable PG&E to advance its infrastructure and sustainability projects while meeting federal compliance requirements.
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Author
The Investor 01-23-25