Company: PCG-PB
Filing Date: 2025-01-21
Form Type: 8-K
Source: 0001193125-25-009579
Chunk: 1

Company: PG&E Corp
Filing Date: 2025-01-21
Form: 8-K
Item: Item 1.01
Chunk 1
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 advances under the Facility during the Availability Period not more than once per calendar quarter by submission of an advance request to DOE with respect to the Eligible Project(s) and Eligible Project Costs subject to such advance. The aggregate amount of advances cannot exceed $10 billion in any calendar year, and the aggregate amount of advances cannot exceed $5 billion in calendar year 2028.

Advances are subject to satisfaction of customary and

non-customary

conditions. Such conditions include: (1) approval by DOE in its sole discretion of the Eligible Project(s) subject to such advance; (2) compliance with the requirements of the Title XVII Loan Guarantee Program; (3) certification of the ongoing accuracy in all material respects of all representations and warranties; (4) evidence of compliance with the Davis-Bacon Act of 1931, as amended (the “ Davis-Bacon Act”); (5) compliance with the Cargo Preference Act of 1954, as amended (the “ Cargo Preference Act”); (6) confirmation that the Utility’s long-term senior secured credit ratings are at least investment grade; (7) completion of the environmental review process pursuant to the National Environmental Policy Act, as amended, with respect to the Eligible Project(s) subject to such advance; and (8) other documentary conditions required by the Loan Guarantee Agreement and the FFB Note Documents.

Maturity and Interest Rate

The final maturity date for each advance under the Facility will be the earlier of the interest payment date following the 22

nd

anniversary of the date of such advance or January 17, 2055.

Interest on each advance accrues from the date of that advance. Interest is payable in cash in arrears on each semi-annual interest payment date, which will be the same semi-annual interest payment dates for all advances and will commence on the first payment date to occur after the date of the first advance. Borrowings under the Facility will bear interest at the applicable Treasury rate plus a spread equal to 0.375%, which rate is calculated at the time of each advance. Upon the occurrence of a Guarantee Trigger Event, the interest rate applicable to each advance will increase by 300 basis points.

Security

The Utility’s obligations under the Facility with respect to the principal amount of any advances thereunder will be secured by the issuance of one or more of the Utility’s collateral first mortgage bonds, issued pursuant to the Twenty-Sixth Supplemental Indenture to the Mortgage Indenture (as defined below), secured by