Company: PCG-PB
Filing Date: 2025-04-24
Form Type: 10-Q
Source: 0001004980-25-000087
Chunk: 157

Company: PG&E Corp
Filing Date: 2025-04-24
Form: 10-Q
Item: Item 1A
Chunk 157
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&E Corporation revolving credit facilityJune 2027500 — — 500 Total credit facilities$6,400 $— $(427)$5,973 (1) The maturity date for commitments representing $4.196 billion is June 22, 2029 (subject to a one-year extension at the option of the Utility) and the remaining $204 million of commitments will mature on June 22, 2028. (2) Includes a $2.0 billion letter of credit sublimit.(3) For more information on the Receivables Securitization Program, see “Variable Interest Entities” in Note 2 above.(4) The amount the Utility may borrow under the Receivables Securitization Program is limited to the lesser of the facility limit and the facility availability.  Further, the facility availability may vary based on the amount of accounts receivable that the Utility owns that are eligible for sale to the SPV and the portion of those accounts receivable that are sold to the SPV that are eligible for advances by the lenders under the Receivables Securitization Program. 

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On April 11, 2025, the Utility amended its existing $525 million term loan agreement to extend the maturity to April 10, 2026. The loan bears interest based on the Utility’s election of either (1) Term Secured Overnight Financing Rate (“SOFR”) (plus a 0.10% credit spread adjustment) plus an applicable margin of 1.375% or (2) the alternative base rate plus an applicable margin of 0.375%.Long-Term Debt Issuances and RedemptionsUtilityOn February 24, 2025, the Utility completed the sale of (i) $1.0 billion aggregate principal amount of 5.700% First Mortgage Bonds due 2035 and (ii) $750 million aggregate principal amount of 6.150% First Mortgage Bonds due 2055.  The Utility expects to use the net proceeds of such issuances for (i) the redemption or repayment of all of its $600 million aggregate principal amount of 3.500% First Mortgage Bonds due June 15, 2025, and (ii) the redemption or repayment of all of its $450 million aggregate principal amount of 4.950% First Mortgage Bonds due June 8, 2025. The Utility expects to use the remaining net proceeds from the offerings for general