Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 175

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 175
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illion aggregate principal amount of 7.375% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055.  These notes initially bear interest at the rate of 7.375% per annum, and beginning March 15, 2030 and every five year anniversary thereafter, the interest rate will be reset to an amount that is equal to the five-year U.S. Treasury rate plus 3.883% (but not below 7.375%).  PG&E Corporation used the net proceeds for general corporate purposes, including to fully prepay all loans outstanding under its existing term loan agreement in an aggregate principal amount equal to $500 million.  During the year ended December 31, 2024, PG&E Corporation recognized a $9 million loss within Interest expense on the Consolidated Statements of Income related to the early extinguishment and associated write-off of deferred debt issuance costs of the term loan agreement.On November 15, 2024, PG&E Corporation completed the sale of an additional $500 million aggregate principal amount of 7.375% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055.  These notes initially bear interest at the rate of 7.375% per annum, and beginning March 15, 2030 and every five year anniversary thereafter, the interest rate will be reset to an amount that is equal to the five-year U.S. Treasury rate plus 3.883% (but not below 7.375%).  PG&E Corporation used the net proceeds for general corporate purposes.

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Convertible NotesOn December 4, 2023, PG&E Corporation completed the sale of $2.15 billion aggregate principal amount of 4.25% convertible senior secured notes due December 1, 2027 (the “Convertible Notes”).  The Convertible Notes bear interest at an annual rate of 4.25% with interest payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2024.  The net proceeds from these offerings were approximately $2.12 billion, after deducting the initial purchasers’ discounts and commissions and PG&E Corporation’s offering expenses.  PG&E Corporation used the net proceeds to prepay $2.15 billion outstanding under its term loan agreement.The Convertible Notes are governed by an indenture (the “Convertible Notes Indenture”).  The Convertible Notes Indenture contains limited covenants, including those restricting PG&E Corporation’s