Company: PCG-PB
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001004980-25-000132
Chunk: 23

Company: PG&E Corp
Filing Date: 2025-07-31
Form: 10-Q
Item: Part II, Item 7
Chunk 23
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, Item 1.

Financial Resources

Equity Financings

PG&E Corporation has completed the planned equity financing for its $63 billion capital expenditure plan for 2024 through 2028.  Factors that could affect PG&E Corporation’s planned equity issuances include liquidity and cash flow needs, capital expenditures, interest rates, its share price, its earnings, the timing and outcome of ratemaking proceedings, the timing and terms of other financings, and the outcome of the Wildfire-Related Securities Claims.  See “Wildfire-Related Securities Litigation” in Note 10 of the Notes to the Condensed Consolidated Financial Statements in Part I, Item 1.

Debt Financings

Utility

The Utility generally issues first mortgage bonds and secured debt to meet its long-term funding requirements.

On 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 used the net proceeds of such issuances for (i) the repayment of all of its $600 million aggregate principal amount of 3.500% First Mortgage Bonds due June 15, 2025, and (ii) the repayment of all of its $450 million aggregate principal amount of 4.950% First Mortgage Bonds due June 8, 2025.  The Utility used the remaining net proceeds from the offerings for general corporate purposes.

On June 4, 2025, the Utility completed the sale of (i) $400 million aggregate principal amount of 5.000% First Mortgage Bonds due 2028 and (ii) $850 million aggregate principal amount of 6.000% First Mortgage Bonds due 2035.  The Utility expects to use the net proceeds of such issuances for repayment of a portion of its $1.9 billion aggregate principal amount 3.15% First Mortgage Bonds due January 1, 2026. 

Credit Facilities and Term Loans

Utility

As of June 30, 2025, PG&E Corporation and the Utility had $650 million and $5.0 billion available under their respective $650 million and $5.4 billion revolving credit facilities.  The Utility also has access to the $1.3 billion Receivables Securitization Program, under which the Utility may