Company: PCG-PB
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0001004980-25-000148
Chunk: 25

Company: PG&E Corp
Filing Date: 2025-10-23
Form: 10-Q
Item: Part II, Item 7
Chunk 25
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 a Term Loan Credit Agreement, pursuant to which the lenders made available to the Utility term loans in the aggregate principal amount equal to $500 million (the “Term Loan”).  The Term Loan bears interest based on the Utility’s election of either (1) Term SOFR plus an applicable margin of 1.250% or (2) the alternative base rate plus an applicable margin of 0.250%.  The Utility borrowed the entire amount of the Term Loan on September 24, 2025. The Term Loan has a maturity date of September 23, 2026.

PG&E Corporation

On June 23, 2025, PG&E Corporation amended its existing revolving credit agreement to, among other things, (i) extend the maturity date of such agreement to June 22, 2028, (ii) increase the aggregate commitments from $500 million to $650 million, and (iii) modify both the interest rate pricing grid and commitment fee pricing grid.

For more information, see “Credit Facilities and Term Loans” in Note 4 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1.

Other Financings

DOE Loan Guarantee Agreement

On January 17, 2025, the Utility entered into the following agreements: (1) the DOE Loan Guarantee Agreement; (2) a note purchase agreement dated as of January 17, 2025 (the “Note Purchase Agreement”), among the Utility, the Federal Financing Bank (“FFB”), and the DOE; and (3) a future advance promissory note dated January 17, 2025, made by the Utility to FFB (the “Note” and together with the Note Purchase Agreement, the “FFB Note Documents”). 

The FFB Note Documents provide for a multi-advance term loan facility (the “Facility”), under which the Utility may make quarterly term loan borrowings through FFB, subject to satisfaction of certain conditions.  Proceeds of the advances under the Facility are to be used by the Utility to reimburse for “Eligible Project Costs” previously incurred and either expended or accrued by the Utility in connection with projects that the DOE has determined to be “Eligible Projects” (each as defined in the DOE Loan Guarantee Agreement).  The aggregate amount of advances under the Facility may not exceed $15 billion. 

As of the date of this report, the Utility has not borrowed any advances under the Facility.  The Utility is not able to predict the