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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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WS Investor 10-02-25